The SafeMoon price is shrugging off Monday’s profit-taking.
SAFEMOON is attempting to break to the upside, but there are far too many indicators pointing to additional decline.
By the end of the week, a retest of the double bottom at $0.00000259 should be completed.
The price of SafeMoon, along with the price of the other major cryptocurrencies, has been able to reverse the downward trend that began on Monday. It even broke particular negative signs or levels, forming more bullish patterns.
Since the weekend, the price of SafeMoon has been following the same trajectory as Bitcoin and other major cryptocurrencies. SafeMoon hit a new high, but it was quickly brought down due to profit-taking, and it is now seeking to reverse those losses.
Nonetheless, SafeMoon’s appearance appears to be pretty bleak on the bright side. A detailed examination of the 4-hour chart reveals a cluster of major forces right above it, all in the range of $0.0000030 to $0.0000035.
On the 4-hour chart, the descending trendline, as well as the 55 Simple Moving Average (SMA), are limiting the upside on SafeMoon price at $0.0000031.
The 200 SMA on the 4-hour chart at $0.0000034 would come into play if buyers could surpass those two short-term limitations. In addition, both SMAs are making a death cross, which is still active.
4-hour chart of SAFEMOON/USD
On the other hand, buyers must correctly enter the market and force prices past this resistance point in order for SafeMoon to reach $0.000044. However, the technical signs are so strong and relevant that SafeMoon should instead aim for a retest of $0.0000026, which might lead to a further negative break./n
