- SafeMoon price is set to rally back to at least $0.001500000, the high of April.
- SAFEMOON breaks its downtrend and turns higher.
- Expect more investor inflow, underpinning the price action and seeing more pops.
SafeMoon (SAFEMOON) price is back amongst the living after being in the dark for so long. Since the launch of the second version around December last year, its price action has been in a straight downward line, which since last week is coming to an end. With the break above the red descending trend line and the break above the 9-Day Simple Moving Average, a clear signal has been delivered to the markets and will work like a magnet to attract more investors and see price action appreciating towards $0.001500000, or 130% of gains.
SAFEMOON bulls are on their way to booking 130% gains during a hot summer
SafeMoon price is on the cusp of booking its most robust rally ever after two major bearish elements have been taken out. Add to that the fact that more tail risks are getting deflated in global markets and therefore weighing less on price action and it looks as if SafeMoon price will get unchained and develop more free room to balloon higher as the dollar itself fades for the third day in a row.
SAFEMOON price is set to rally substantially as more investors find a way into SafeMoon price action, and the upside potential is immense. It is worth keeping an eye on $0.0008000000, with its 50% Fibonacci level as a critical line in the sand for whether SafeMoon price can rally up towards that previously mentioned $0.00150000000. A second level where some profit-taking will occur is at $0.000989810 or the 38.2% Fibonacci level, forming a double barrier with the psychological $0.0010000000.
SAFEMOON/USD daily chart
With still a lot of room to go, the 50% Fibonacci level might be a bit too far off, seeing the Relative Strength Index (RSI) has overheated a bit and is already too close to being overbought to sustain a continuous rally towards $0.001500000. An overshoot could see bulls taking their profit and not returning, triggering SafeMoon price to drop below $0.000611824, the 55-day SMA. This way, a downward path might get reopened again towards $0.000342750, as interest wanes.