Market Sentiment Confronts SafeMoon’s Bullish Breakout – Price Analysis

ByDawn Pipkin

Nov 30, 2021
  • Safemoon had its bulls breaking the downtrends, catalyzing a massive rally.
  • SafeMoon’s bullish flag remains a vital signal as global markets see pressure.
  • Expect SAFEMOON bulls to encounter some profit-booking near $0.00000400 at a 50% FIB retracement level.

SafeMoon (SAFEMOON) saw its price recording negative actions during November’s most sessions. Market players are looking for alternative assets amid fears of a new COVID variant. Such market conditions catalyzed high buy-side explosions by SAFEMOON price today morning, though the challenging circumstances.

As bulls broker the downtrend, investors may expect an uptrend reboot from September, pursuing the profit aim at $0.00000700, translating to 116% profit.

SAFEMOON Bulls Battle Bears

Safemoon had its price dominated by bears through November, devaluing 50% at some point. It appeared like the alternative coin would finish a bearish triangle, cracking $0.00000271 and explore the lower level at $0.00000103. The recent global market events sparking concerns on market recovery story, such possibilities were high. Meanwhile, market players are exploring the markets, looking for assets available at discounted prices.

As SAFEMOON is among the lucrative gems in the crypto space, available at significant discounts, market experts seem not to be surprised by the bullish breakout. Furthermore, the bullish signal might be more violent were it not for the current market circumstances acting as a massive headwind. For now, we may wait to see whether bulls might gather momentum for a close beyond the red descending trend-line to catalyze upsurges.

Bulls will have their first upside target at $0.00000400, the 50% FIB retracement area between September high and low. If bulls can maintain the current trend, they will have to battle the hurdle at 23.6% FIB at $0.00000559 before touching $0.00000700 and finishing the FIB retracement.

If the market continues to suffer turmoil, expect SAFEMOON investors to withdraw their funds, translating a massive nosedive in the alt price towards $0.00000100, exploring September’s swing low.

Keep in mind that the overall crypto space encountered struggles after the new COVID variant announcement. That triggered mixed actions by market players, resulting in unpredictable price moves. However, digital coins, led by BTC, struggles to reclaim their vital price levels at the moment.

Stay around for more cryptocurrency updates.

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