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SafeMoon tag diagnosis: bearish outlook amid low shopping and selling quantity

SafeMoon tag diagnosis: bearish outlook amid low shopping and selling quantity

Bulls bask in to smash above the 20-day straightforward transferring average to care for some distance off from more lossses

SafeMoon is shopping and selling around $0.00000214 at time of writing, with knowledge from CoinGecko exhibiting that the token’s tag has gained by 3.6% in the previous 24 hours.

Nonetheless, despite turning inexperienced on the day, SAFEMOON has not shaken off the bears and the constricting descending triangle pattern suggests the following transfer would per chance perchance fair be a dip to serious serve phases. An upward transfer on the assorted hand would per chance perchance per chance scrutinize bulls see unusual beneficial properties in direction of $0.0000029.

SafeMoon technical outlook

SAFEMOON has an intraday differ of $0.0000020-$0.0000022 as bulls see to leap off the descending triangle serve line at $0.0000020.

The day to day chart reveals that SafeMoon has traded inner a descending triangle pattern since the breakdown from highs of $0.0000078 on 19 Will also. The pattern items a bearish outlook that threatens contemporary losses.

Now we bask in the day to day Relative Strength Index (RSI) below the 50 point line, whereas the day to day transferring average convergence divergence (MACD) line is in the bearish zone. Lacklustre quantity and the sloping curve of the 20 SMA are additionally supplied as a bearish factor for SafeMoon tag.

If the worth turns lower and slides below the serve trendline of the descending triangle pattern, bulls face a 61% decline. This would own SAFEMOON below serve at $0.0000012, opening up losses to lows of $0.0000007 and the 127.2% Fibonacci retracement level at $0.0000004.

SAFEMOON tag day to day chart. Supply: TradingView

If the upside considered in morning affords this Tuesday continues, there are potentialities bulls would per chance perchance test the resistance level on the 20-day straightforward transferring average at $0.0000023. The token’s tag would per chance perchance per chance then transfer in direction of a horizontal resistance line at $0.0000025 sooner than a breakout above the trendline of the descending triangle pattern possible fuels unusual hobby.

The next barrier is on the 50 SMA ($0.0000026), with the predominant goal then being the 78.6% Fibonacci retracement level at $0.0000029.

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