SafeMoon price analysis: bearish outlook amid low trading volume

Bulls request to interruption supra the 20-day elemental moving mean to debar much lossses

SafeMoon is trading astir $0.00000214 astatine clip of writing, with information from CoinGecko showing that the token's terms has gained by 3.6% successful the past 24 hours.

However, contempt turning greenish connected the day, SAFEMOON has not shaken disconnected the bears and the constricting descending triangle signifier suggests the adjacent determination could beryllium a dip to captious enactment levels. An upward determination connected the different manus could spot bulls question caller gains towards $0.0000029.  

SafeMoon technical outlook

SAFEMOON has an intraday scope of $0.0000020-$0.0000022 arsenic bulls question to bounce disconnected the descending triangle enactment enactment astatine $0.0000020.

The regular illustration shows that SafeMoon has traded wrong a descending triangle signifier since the breakdown from highs of $0.0000078 connected 19 May. The signifier presents a bearish outlook that threatens caller losses.

We person the regular Relative Strength Index (RSI) beneath the 50 constituent line, portion the regular moving mean convergence divergence (MACD) enactment is successful the bearish zone. Lacklustre measurement and the sloping curve of the 20 SMA are besides presented arsenic a bearish origin for SafeMoon price.

If the terms turns little and slides beneath the enactment trendline of the descending triangle pattern, bulls look a 61% decline. This would instrumentality SAFEMOON beneath enactment astatine $0.0000012, opening up losses to lows of $0.0000007 and the 127.2% Fibonacci retracement level astatine $0.0000004.

SAFEMOON terms regular chart. Source: TradingView

If the upside seen successful greeting deals this Tuesday continues, determination are chances bulls mightiness trial the absorption level astatine the 20-day elemental moving mean astatine $0.0000023. The token's terms could past determination towards a horizontal absorption enactment astatine $0.0000025 earlier a breakout supra the trendline of the descending triangle signifier apt fuels caller interest.

The adjacent obstruction is astatine the 50 SMA ($0.0000026), with the main people past being the 78.6% Fibonacci retracement level astatine $0.0000029.