SafeMoon bulls return to the scene, preparing a bullish breakout to $0.000004


  • 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

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..

 



Source link