- SAFEMOON Token price has been moving lower in the downtrend, breaking various key support levels.
- All the EMAs are sloping above the price, projecting overwhelming bearishness.
- The token SAFEMOON/BTC trades at 0.000000000057 BTC, with an intraday rise of +5.17%
The SAFEMOON Token’s price has failed to rise above the long coming solid resistance trendline mark as the supply-rich resistance trendline knocked the bull out. As a result, the coin price falls below and may soon hit the support level of the $0.000001512 mark.
The token price is falling below all the critical EMAs after breaching various support levels in the downfall. However, the price approaches a support level that may help the price gain some bullish momentum. All the other EMAs above the price are sloping, projecting an increase in underlying bearishness.
Presently, the SAFEMOON token price is $0.000002221, with a 65% fall in intraday trading volume. Moreover, the market cap of the coin has increased 5.17% in the past 24 hours.
SAFEMOON Token’s Downtrend Falls Down The Rabbit Hole
The SAFEMOON token’s price is still in a downtrend opposed by a strong resistance trendline that resists break despite various bullish attacks. Therefore, investors might consider price jumps near the trendline as shorting entry points. However, investors must be aware that there is always the chance of a breakout close to the support trendline.
The price action analysis of SAFEMOON’s price chart shows that if the uptrend begins above $0.00000258095, then the token price may encounter resistance at the $0.000003372 – $0.000003915 level. Furthermore, horizontal levels of $0.000001512 and $0.000000583 could halt the fall in a reversal.
The Relative Strength Index is bearish, as the RSI line tends lower in the oversold area.
The parabolic SAR is above the token price, which indicates a downtrend in action.
The ADX indicator predicts a loss in trend momentum.
CONCLUSION- SAFEMOON token prices are on a downtrend despite a rise in crypto markets. SAFEMOON token prices continue to fall as bearish sentiment builds.
Support – $0.000001512 and $0.000000583
Resistance – $0.000003372 and $0.000003915