The cryptocurrency market is growing exponentially and new coins are being released every day. One of the most interesting cryptocurrencies on the market is SafeMoon.
Since it’s all-time high on May 12, SafeMoon price has been spiraling downwards. However, the sell-off intensified after May 19.
On August 4 and 12, Safemoon showed signs of row back, but these signs were a fluke. However, the support level at $0.00000163 stands as a vital barrier that could trigger a massive uptrend.
Bullish Technicals and Oversold Conditions
SafeMoon has set up three lower highs and four lower lows in terms of prices from May 21. These swing points, when connected, show a falling wedge pattern on the 12-hour chart.
This technical formation predicts a 77% rise, set on by measuring the distance between the first swing of high and low. We are summing this distance to the breakout point at $0.00000217 projects an intended target at $0.00000378.
However, since August 6, SafeMoon prices have not displayed bullish momentum. They have experienced a 25% downswing from $0.00000217 to retry a crucial support barrier at $0.00000163, which served as a basis on April 18, enabling a 443% rise in the three days.
Therefore, investors should expect a bullish rejoinder after a retest of the $0.00000163 demand level.
Also, the relative strength index makes the SafeMoon prices bullish since they have slipped lower than the oversold zone at 30. A dunk below 30 signifies profits leading to sell-off
For the last time, SafeMoon hit a dip below 30, and its market value rose between 25% to 55%
With all these factors, with the bullish falling wedge pattern, investors can expect a continuation of the rally to its intended target of $0.00000378.
Safemoon Wallet Launch Date Announced
SafeMoon has been pulling stunts with its upcoming wallet for quite a period now. Finally, it announced its launch date on August 28. This happens at the backdrop of suspense under which the company has kept surrounding the wallet. Moreover, the testing for the wallet has been closed, and the developers have signed an NDA.
This move has left users guessing as they wait anxiously. Investors can be optimistic the launch of the wallet will positively impact the SafeMoon prices.
Bridge Between Binance Smart Coin and Ethereum
What’s even more? There are more significant developments surrounding SafeMoon, including the bridge to EOS and WAX cryptocurrencies. Notably, SafeMoon is almost concluding plans to bridge with Binance Smart Chain with the aid of pNetwork. This will allow its users to transfer assets to both ethereum and Binance Smart Chain markets. This might be finalized as early as September, according to Twitter posts.
The technical team is committed to ensuring SafeMoon exchange takes place in November and Safemoon Blockchain featuring in December with specific dates to be announced.
The bullish technicals are likely to be catalyzed with all these developments, propelling SafeMoon to higher market value.
Notwithstanding the bullish fundamental and technical developments surrounding SafeMoon, key players should note that $0.00000163 is a crucial demand barrier. A decisive 12-hour chart below this area will invalidate the bullish theory and indicate weak buying pressure.
The Future of SafeMoon Prices
All things are pointing towards the rise of SafeMoon prices.
As price might consolidate on this front, failure to hold around this barrier might cause a 45% downswing to $0.00000094 and $0.00000061.
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