SafeMoon was simultaneously struck by lightning and hacked into BitMart
The price action of the SafeMoon cryptocurrency is perhaps the saddest and most insecure story of all altcoins currently being traded. Unfortunately, a combination of dire circumstances led SafeMoon to worthless criticism.
- SafeMoon’s price has reached new all-time lows.
- Cryptocurrency exchange BitMart has been hacked with around $ 200 million worth of cryptocurrencies stolen.
- Low risk, high reward trading setup, but trust is now an issue.
SafeMoon is trading below $ 0.00001 USD
One of the brilliant success stories of the past few months has been the SafeMoon cryptocurrency. It may be hard to forget, but SafeMoon hit a new all-time low (at the time) on September 27 at $ 0.000001, then rallied to October 29 for a 593% gain. At $ 0.000007 USD. Then, from October 29 to December 4, the SafeMoon cryptocurrency capitulated more than 88% to a new all-time low of $ 0.00009 USD.
While Saturday’s sudden drop wasn’t enough to generate significant selling pressure, the insult was added to the insult with the announcement of the BitMart exchange hack. According to PeckShield Inc., losses were estimated at $ 200 million with SafeMoon, Binance Coin, and Floki Inu among cryptocurrencies captured via hot wallet weakness between Binance’s Smart Chain network and Ethereum.
However, this can create a business opportunity that could lead to significant profits. SafeMoon maintains a large fan base and SafeMoon is adored by various speculators as their favorite altcoin. Already, a substantial number of speculators have crowded into SafeMoon at new all-time lows, increasing its price by 54% from all-time lows. The daily Tenkan-Sen at $ 0.000002 is where the SafeMoon cryptocurrency price will likely face its first stress test.
Ichimoku SafeMoon (SAFEMOON / USDT) daily chart
Traders should be wary of concerns about SafeMoon’s ability to maintain a constant value area and what kind of impact, if any, the theft of SafeMoon tokens will have on its current price.
Pair Jonathan Morgan, FXStreet
Jonathan has worked as an independent futures, forex and cryptocurrency trader and analyst for 8 years. He has also been writing for 5 years. He is one of Quora.com’s “most viewed writers” in the trading and technical analysis categories.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.
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Disclaimer: The information and opinions in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and assumes no responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.
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