On the two-hour chart, the SafeMoon price may be forming a cup completion cheat pattern.
The 200 two-hour simple moving average (SMA) is posing a challenge.
On the two-hour Relative Strength Index, SAFEMOON reacts to a negative momentum divergence (RSI).
The SafeMoon price has been in a bottoming process that has tangled investors with a slew of buy signals that have either failed or never triggered. SAFEMOON appears to be constructing a new bottoming pattern right now, which could provide an opportune opportunity to earn a 20% return.
SafeMoon price has rebounded nearly 80% from its low of $0.00000230 on June 22nd, surpassing the 50 two-hour SMA and marking the first overbought position on the two-hour RSI since early May, indicating an impulsive bid and decisiveness for the rookie cryptocurrency. With a strong test of the 200 two-hour SMA and a negative momentum divergence on the RSI, the SAFEMOON rally has come to a close.
The 50 two-hour SMA at $0.00000352 supports the growing SAFEMOON corrective process near the 200 two-hour SMA at $0.00000382. As it develops the handle of a cup completion cheat pattern with a trigger price of $0.00000410, the SafeMoon price has reduced portion of the overbought state.
Cup completion cheat patterns arise at the bottom half of a cup formation and provide an early but timely opportunity to join in the momentum on the right side of the base. The SAFEMOON pattern is currently forming at the base’s midsection.
SafeMoon’s price is expected to continue consolidating its current 80 percent increase. Still, it could fall below the 50 two-hour SMA, bringing the RSI close to an oversold reading. It would be a healthy and constructive evolution if price energy was instilled to overcome the trigger price of $0.00000410 and propel SAFEMOON to the target price of $0.00000500, indicating a 20% gain.
SafeMoon’s price will most likely test the 50-day SMA at $0.00000507 if the momentum is strong.
2-hour chart of SAFEMOON/USD
If the price of SafeMoon falls below $0.00000331, the bullish SAFEMOON pattern will be broken and the price will be susceptible. The token might be pushed back to its June 22 low of $0.00000230 if severe selling pressure in the cryptocurrency complex resumes./n
