At the August 2 low of $0.00000190 level, SafeMoon's price was down 27% from the descending triangle breakdown and 39% from the July 24 high of $0.00000310 level, pushing SAFEMOON outside the Bollinger Bands and pressing the daily RSI into an oversold condition.
The $0.00000190 low is still far from the measured move price target of $0.00000111 level for the descending triangle, presenting a challenging outlook for SAFEMOON investors. A drop to the price target equates to a 49% loss from the current price.
More importantly, the price consolidation over the last three days, including a Doji candlestick pattern yesterday, is not the beginning of a bottom. Based on the SafeMoon price structure, the sideways SafeMoon price action is a pause in a more significant decline for SAFEMOON.
To achieve the measured move price target of $0.00000190 level, SafeMoon price will need to overcome the support embedded in the April 21 low of $0.00000150 level. Otherwise, SAFEMOON is free to test the target.
If SafeMoon's price breaks through the measured move price target, it may fall to the April descending trend line pattern, currently at $0.00000041, representing an 81% decline from the current price.
Fundamental to the continuation of the decline is a surge in volume accompanying the selling. So far, SAFEMOON trade volume has remained muted, showing no rush for the exits.
A daily SafeMoon price close above a trifecta of resistance level, framed by the May 19 low of $0.00000261, the 20-day SMA at $0.00000260, and the upper trend line of the descending triangle pattern, also at $0.00000260, would alert SAFEMOON investors to a possible change in the bearish forecast.
Overall, the negative deviation of SafeMoon price from the bullish trend line in the cryptocurrency complex since July 21, coupled with the weak price action heading into the launch of the Android-based wallet, confirms that the SAFEMOON outlook should be tilted bearish and recommends not being reckless with investment decisions.
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