Market Analysis

SafeMoon Price Analysis – Can It Be A Good Investment For 2022?

The combination of buy signs on the RSI and MACD, as well as a positive 200 period EMA, showed that SafeMoon 24-hour drop was likely drawing to an end. Nevertheless, the short-to-medium-term EMAs and the 38.2% Fibonacci level do represent some short-term risks. SafeMoon was trading at $0.000001332, down 4.45 per cent in the previous 24 hours.

The Hourly-Time Window For SafeMoon

SFM’s last five trading days have been pretty interesting. The price had three higher lows and three higher highs before reaching a 13-day high of $0.000002332. Nevertheless, the price rechecked $0.000001332 support following a 5% fall 48 hours prior, breaking the run of higher lows. Usually, this might suggest a pattern shift as the bulls lost momentum. It was, nevertheless, too soon to draw such judgments. The price was still trading over the hourly 200 periods EMA, which had remained to be broken.

If buyers obey this MA and push a closure over the 38.2 percent Fibonacci barrier, SFM can resume targeting higher levels. Passing through the immediate goals of $0.000001333 and $0.000001340 would assist to keep the price over the 50% Fibonacci level. As a critical price zone, the 50 percent Fibonacci frequently predicts mid-long trends.

Short-sellers, on the other hand, would join the battle if the price closed under the 200 EMA. In this very circumstance, SFM’s best option for a rapid rebound would have been the 23.6 percent Fibonacci and $0.0000014 support levels.

BTC

BTC/USD 1 DAY PRICE CHART: SOURCE – COINMARKETCAP.COM

Metrics

SFM readings were also starting to rebound following a difficult 72-hour period. The hourly RSI was trading in the overbought zone, indicating that the market needed to be stabilized. If the RSI rebounds securely over 55-60, another bull run might occur. Nevertheless, according to the MACD’s histogram, selling pressure was diminishing. If a bullish crossover occurs in the next sessions, a buy signal will be generated.

Epilogue

Despite SafeMoon’s series of higher lows being broken, rebounds throughout the MACD and RSI were a favorable indicator. When the MACD accomplishes a bullish crossover, those with a higher risk of hunger can long SafeMoon. Gains can be taken at the 50% Fibonacci level.

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