- Safemoon has traded on muted price actions over the last few months.
- Meanwhile, the token saw momentary traction as SAFEMOON attained a swing high near $0.00000401.
- However, the alternative coin failed to break past its technical pattern and may slide by 40%.
SafeMoon extends its price trend sideways as it trades within a consolidation formation. Moreover, the asset has faded upside hopes. If SAFEMOON fails to adjust its moves, it might lose 40%. That is because of the decreased buyers’ actions.
SAFEMOON Price on Mute
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Safemoon has seen uneventful price actions as it extends its movements in a descending channel on its daily price chart. The altcoin seems to lose momentum with its little probability of bouncing back.
Moreover, the token might experience massive plummets due to the diminished trading volume. That shows that investors are not interested in SAFEMOON.
Bears might target a 41% drop towards $0.00000113, as the level serves as the following considerable Safemoon support level. Moreover, magnified selling pressure might push the token lower, tagging the 10 April low around $0.00000065.
Meanwhile, only dramatic events turn to catalyze continuous downswings may force Safemoon to hit the parallel channel’s lower border at $0.00000048. If bulls step up for a price recovery, they will face an immediate barrier near the middle border of the primary technical pattern around $0.00000205.
SafeMoon will have its next challenge at the 20- and 50-day SMAs, coinciding at $0.00000231. The crypto will necessitate a considerable upside push plus surging buying pressure to try tagging the 100-day Simple Moving Average at $0.00000281.
In scenarios where bulls target amplified aspirations, SAFEMOON might see its price at the upper trend-line of the channel, sitting around the 23.6% FIB retracement at $0.00000360. However, with the SAFEMOON’s muted price actions in recent months, market players should not expect a surge for now.
The token has a higher probability of maintaining its price movements inside the dominant chart pattern. SafeMoon struggles come after the token fails to interest investors due to lucrative developments on its platform. The alt will depend on a broad market rally to surge to new highs.
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