safemoon price — Techno Grenade

SafeMoon price laid a bull trap on August 7 with the 39.59% addition and every day close over the 20-day SMA at $0.00000259, the May 19 low of $0.00000261, and the descending triangle’s upper trend line. It was the best daily performance since May 6, but it was only temporary, as SAFEMOON corrected back to the previous price levels on August 8 and immediately arrived at the triangle’s move of 57%. Nonetheless, the bullish hammer candle design on the everyday outline might flag depletion in selling interests and arrange as the stage for a hard bounce back.

SafeMoon price falls behind, but hard times might be over

SafeMoon value fell 44% on August 16 at the intra-day low prior to arranging a huge turnaround and shutting down just — 7.69%. The sharp inversion of fortune plotted a bullish hammer candle on the everyday graph and remunerated SAFEMOON investors with another lower entry point.

Recently, SafeMoon cost closed with an inside day on the bar charts. It is following up the consolidation within a more tight price reach today, indicating high volatility in the future.

If the price manages to break above and SAFEMOON beats the hammer candle high at $0.00000207, the altcoin will confront 3 layers of resistance, starting with the 20-day SMA at $0.00000218. The following significant price level for SafeMoon cost is the May 19 low of $0.00000261, which shaped the help for the descending triangle design. It is trailed by the 50-day SMA at $0.00000270. When SAFEMOON can record an everyday close over the 50-day SMA, investors can consider long positions.

SafeMoon cost is consolidating a potential upside breakout from a straight triangle design on the four-hour charts for the day/short-term charts. The deliberate move of the triangle design is 41%, projecting a profit of $0.00000246. A trial of the profit target would situate SAFEMOON at the 200 four-hour SMA at $0.00000245 however underneath the May 19 low and the 50-day SMA.

The breakout from the even triangle is a bullish advancement for SafeMoon price, moving the price towards better results for the cryptocurrency if the cryptocurrency can shake the persistent weakness. However, except if SAFEMOON can pump over the 50-day SMA at $0.00000270 on a daily basis closing, the new arising opportunity will be for the investors and not for the long position holders.

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Originally published at https://technogrenade.com on August 21, 2021.

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