SafeMoon’s birthday month of March may have a present lined up for fans and investors alike. The alt’s price action on the lesser timeframe looks bullish and buy signals were available on the RSI and MACD. The price could climb by 26% over the coming days should the outlook pan out as predicted.
SafeMoon Hourly Time Frame
SafeMoon V2’s price has traveled within the boundaries of an up-channel since 24 February, forming two higher highs and two higher lows. Considered as a bullish pattern, an up-channel shows a clearly defined uptrend in the market. The price rebounds between the two trendlines and shifts higher on the chart until a breakout takes place.
Now, at press time, SFM’s candles were close to the lower trendline and certain signs indicated that the price would rebound to the top moving forward. For instance, the 100 periods EMA ran bullish and solidified the lower boundary’s defense against a breakdown. Additionally, the hourly RSI picked up from 30 and headed towards 50-55 as bulls responded to oversold readings. Finally, the MACD was on the edge of a bullish crossover and the same usually attract more buying pressure in the market.
Should investors latch on to these positive signals, SFM would target a new higher high at $0.001445-mark. The up-channel had the potential to extend to $0.001650-resistance since SFM’s price was traveling between a low liquidity region. The resulting move highlighted a 26% surge from SFM’s current level.
Meanwhile, a close below $0.001812 would threaten a bullish outlook. The invalidation below a swing low may even create a downtrend, with $0.000990 SFM’s best bet an immediate reversal.
SafeMoon Update
Meanwhile, the SafeMoon Army was reacting positively to CEO John Karony’s comment on a discord group. Karony said that he looked forward to the next 6 months without foreseeing any hurdles and even mentioned that a product could be implemented into the business operation soon. Twitter users took note of the developments and began circulating the post.
The project’s current products on offer include a wallet and a 2nd version of the protocol called SafeMoon V2. A hard-wallet and an exchange are yet to be launched.
The recent Twitter mentions reflected on Lunar Crush, with SFM’s social volume spiking on 2 and 3 March. Although the reading was down over the last 24 hours, the weekly social volume still came in at a positive 6.3%.
Price Strategy
A good buy opportunity was at hand since SFM’s price was backed by a healthy social score and encouraging signs on the hourly indictors. A buy order can be set up at $0.001310 and take profit can be set at $0.001650. Stop-loss should be maintained below at $0.001170, just below 28 February’s swing low. The trade setup carried a 2.34 risk/reward ratio.