- SafeMoon price is still stuck in a bearish triangle for over a month now.
- The altcoin has seens a bullish uptick in the RSI, revealing bulls back on the buy-side.
- Expect a breakout of the triangle, targeting $0.00000400 as the first profit target.
SafeMoon (SAFEMOON) price has been stuck in a downtrend for over a month now after peaking at $0.00000700. With the formation of a base at $0.00000271, buyers are now showing an interest in SafeMoon coins again. An uptick in the Relative Strength Index (RSI) has provided further support for a rebound. Expect a bullish breakout when some tailwinds flare-up in cryptocurrencies, that could lift SafeMoon price towards $0.00000400.
SafeMoon price sees bulls building momentum for a breakout
SafeMoon price has been falling in a sequence of lower highs and lower lows for most of November. Bears got an unpleasant surprise, however, when Safemoon price hit the base level at $0.00000271, and bounced. Upside price action today has already witnessed two tests of the red descending trend line.
SafeMoon price could now start rising rapidly as a short squeeze sees bears closing their positions en masse and booking profits. This could temporarily increase demand for SafeMoon, leading to a bullish breakout above the red descending trend line that has been capping reactions during the November descent, which, in turn, could see even further buying in from bulls.
SAFEMOON/USD daily chart
Dreams of revisiting the $0.00000700 October high may be unrealistic in the short term (such a move would also result in a double top reversal pattern, which might then be followed by a retracement to the downside). Rather expect SafeMoon price to find an initial limit at $0.00000400 where the 30-day Simple Moving Average (SMA) will provide resistance. Should bulls be able to push through this level, however – possibly helped by some additional tailwinds – a rally could go as far as $$0.00000500..