SafeMoon price alongside the top cryptocurrencies has been able to reverse the negative sell-off pressure that happened on Monday. It even entered into further bullish patterns, breaking specific bearish indicators or levels.
SafeMoon price has been in a similar pattern as BTC and other majors since this past weekend. SafeMoon's price made a new high, but that was taken down again on profit-taking and is now looking to pair those losses again.
Nevertheless, the image looks rather grim to the price upside for SafeMoon. A close look at the 4-hour chart shows a cluster of significant forces just above it, all in the price of $0.0000030-to-$0.0000035 region.
The descending trendline is limiting the upside on SafeMoon price as well as the 55 Simple Moving Average on the 4-hour chart around a price of $0.0000031.
If buyers could overcome those two short-term caps, the 200 SMA on the 4-hour chart at a price of $0.0000034 would come into play. Both SMAs are also forming a death cross that is still very much in play.
On the other hand, buyers need to step in properly and drive prices beyond this resistance level area so SafeMoon price can jump towards the $0.000044 level. But the technical indicators are so strong and meaningful that SafeMoon price should instead go for the retest of $0.0000026 and might break further to the downside.
Cardano price standoff resolves higher, creates a false sense of confidence
0 Comments