CryptocurrencyNewsPrice Analysis

SafeMoon to Escape Its Downward Trend with 60% Upswing

Briefly –

  • Safemoon has encountered challenges whenever the alt tried to overcome its prevailing downswings over the last five months.
  • SAFEMOON requires a surge to $0.00000288 for a 60% upswing.
  • Meanwhile, plunging under $0.00000173 might cancel the optimism by bulls.

Though the ambition to shift the sluggish performance narrative, SafeMoon has traded in a downwards trend since 23 May. While the alternative coin remains trapped inside a consolidation pattern on its price chart, surging beyond $0.00000288 will challenge the bearishness.

SAFEMOON Plans to Battle Obstacles

Safemoon has struggled over the past five months due to the descending channel printed since 23 May. Though with little motive to reverse such moments, the alt did not collect the momentum required for uptrends. However, SAFEMOON might be waiting for an upside move after recording a rounding bottom formation.

SAFEMOON price created a saucer shape on its daily price chart, showing that the crypto might retreat its downtrends soon. The prevailing rounding bottom formation confirms a 60% upsurge from the pattern’s neckline. Bulls target $0.00000465 at the moment.

📰  Anonymous Whale Buys A Staggering 20 Trillion SHIB

Meanwhile, the alternative coin has some obstacles to clear before recording the projected upswing. SAFEMOON will encounter its initial challenge at 50% FIB retracement at $0.00000252, then the parallel channel’s top boundary at $0.00000279.

The saucer’s neckline at 61.8% FIB retracement at $0.00000288 will be another SafeMoon challenge. Market players need to beware that the token should rise past this level and see increased buying momentum to rally towards the bullish target.

Additional resistance might emerge around the 78.6% FIB retracement zone at $0.00000338, then the 200-day SMA near $0.00000348 before the 28 August peak at $0.00000400. If the upcoming sessions meet amplified selling pressure, SAFEMOON will secure support around the 21-day Simple Moving Average at $0.00000193 before declining to the 50-day Simple Moving Average, coinciding with 23.6% FIB retracement at $0.00000173.

If bears tighten their positions for further SAFEMOON plummets, market participants may forget about the bullish narrative, and the coin may drop to the chart pattern’s middle border at $0.00000124. However, the altcoin seems to have the momentum to reverse its downward trend with the correct sentiments.

📰  Bitcoin Accumulation Hits an ATH of 10.15M BTC 

James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button