- SafeMoon’s price collapsed into a downward channel due to a noticeable weakness in the cryptocurrency complex.
- SAFEMOON 50: four-hour simple moving average (SMA), unable to act as a constant support.
- #SafemoonSqueeze may be the mainstream trend on Twitter, but SafeMoon’s price response has been muted.
The SafeMoon price may have increased the turn, but the thrust was short-lived, which did not result in a sustained and strong rally. Instead, SAFEMOON prefers to block downlinks without any visible clue as to directional intent. Thus, until the same token can surpass the June 18 high, investors will be better off cash.
SafeMoon Pricing Pump Doesn’t Provide a Leap in Quality
In a fiery attempt to provoke a campaign to “skyrocket” SafeMoon’s price, a Reddit user posted “GMEandAMCbaughtme” on r / SatoshiStreetBets, where they urged SAFEMOON followers to create a cryptographic version of Gamestop and AMC. Unfortunately, the “ worst squeeze ” did not happen as altcoins were still affected by the weakness of the cryptocurrency complex, continuing the downward channel starting June 15.
The 50-4 hour surge in SMA has not provided support in the past few days, which is a disappointing technical advance for SafeMoon’s price tag and a sign that SAFEMOON was not prepared to push for higher prices.
SafeMoon’s first line of defense is the crossing of the May 25 downtrend line, which was broken during the June 13 high and June 8 low at $ 0.000000326. The failure of the escrow will free up SAFEMOON to test the May 23 low of $ 0.00000285, and if the cryptocurrency market remains in a downtrend, investors should expect a test of the May 19 panic low at $ 0.00000261. In a worst-case scenario, the break of the May 19 low will be 25% below the current price.
SAFEMOON / USDT 4-hour chart
A close above the 200-hour 4-hour SMA at $ 0.00000458 would ease SafeMoon’s price uncertainty and allow SAFEMOON to re-detect the original uptrend, held up by broader market weakness. Yes, that’s 30% more than the current price. However, it is a cheap insurance to pay for entry with a higher probability of capturing a significant margin of at least 50% of the Fibonacci retracement of the May retracement to $ 0.00000731.