SafeMoon price holds critical support at the daily Kijun-Sen near $0.000002.
The Chikou Span’s close will dictate whether a bullish breakout will occur or not.
Limited downside risk at the present trading levels.
SafeMoon price has done relatively well, considering it made new all-time lows as recently as September 29th. The past few days have resulted in some sideways trading conditions, but this should be positive as the time spent has created a solid and flat Kijun-Sen level as support.
SafeMoon price, while below Cloud, is not far away from an early entry that could trigger a massive breakout higher. There are only two conditions within the Ichimoku Kinko Hyo system presently preventing a bullish breakout. The first is a close above the Tenkan-Sen. Second, and most important, is the Chikou Span closing above the Candlesticks.
A daily close at or above $0.0000027 would fulfill the two conditions listed above. From there, a move higher would likely put the Relative Strength Index above 65 – thereby eliminating the current bear market conditions – and the Composite Index would likely find support against its slow-moving average. SafeMoon price, likewise, would have a confirmed higher low and likely enough momentum to push towards new two-month highs.
SAFEMOON/USDT Daily Ichimoku Chart
Buyers should expect some resistance on the way to $0.0000038. SafeMoon price is likely to find some sellers inside the Cloud at $0.000002 and against at the top of the Cloud (Senkou Span B) at $0.0000024. But above $0.0000024, there is no resistance in the Ichimoku system to prevent higher highs.
SafeMoon price would need to return to a close below the Kijun-Sen with the Chikou Span below the candlesticks and in ‘open-space’ to invalidate the current bullish outlook. For both of those conditions to be true, SafeMoon would need to close below $0.0000012.