- SafeMoon value is shaping an unorthodox head-and-shoulders topping sample.
- 4-hour Ichimoku Cloud offering secure assist since Might 10.
- A token with important curiosity however no clear use instances, apart from going to the moon.
SafeMoon value rests on vital short-term assist, however the growing sample targets a major decline within the coming hours and days.
SafeMoon value volatility preys on the unsophisticated investor
For the unaware, SAFEMOON is a brand new cryptocurrency that started buying and selling in March 2021. The digital token started buying and selling at $0.000000001 and with a tiny market capitalization. Based on Bitmart, SafeMoon value catapulted to $0.000015 by April 20, yielding an incredible return for courageous buyers. Nevertheless, it adopted the large rally with a 90% decline into April 21.
SAFEMOON has a most provide of 10 quadrillion tokens however solely has 600 billion in circulation. It’s a deflationary foreign money, as provide declines over time. Nonetheless, some have referred to as it a pyramid scheme as a result of sellers of the token are charged a ten% payment, with 5% of the payment being burned and the opposite 5% distributed to SAFEMOON buyers. Buyers are depending on extra folks shopping for SAFEMOON to extend their funding.
On the 4-hour chart, SafeMoon value is flashing a head-and-shoulders topping sample that started on Might 6. It has practically accomplished the appropriate shoulder and has outlined a well timed entry level. The measured transfer goal of the topping sample is $0.00000462, a lack of over 45% from the present place of the neckline and 50% from value on the time of writing.
To activate the sample, SafeMoon value might want to break via the Ichimoku cloud assist that envelops the neckline. The cloud supplied assist from Might 10 to Might 14, acknowledging its significance in figuring out the eventual decision of the sample.
Suppose SafeMoon value does collapse beneath the neckline and Ichimoku cloud. In that case, SAFEMOON will uncover assist on the 200 four-hour shifting common at $0.0000063318 earlier than lastly reaching not less than the measured transfer goal of $0.00000462.
SAFEMOON/USDT 4-hour chart
The bearish outlook for SAFEMOON is voided if SafeMoon value rallies above the appropriate shoulder at $0.000011. The primary degree of resistance for a possible new rally is the sample’s head at $0.000012.