SAFEMOON Rebounds Around Critical 50% Fibonacci Retracement Level
SafeMoon is one of these altcoins that has caught the attention easily since its inception in March 2021, where it started to gather over one million investors. It’s a community-based cryptocurrency that keeps skyrocketing across the board, with the SAFEMOON token’s volume crossing the $6.64 million milestone in the last 24 hours.
PancakeSwap V2, the major exchange where SAFEMOON is listed, has over $3.24 million in supply. As of press time, according to data from CoinMarketCap, SafeMoon coin has a market capitalization of $2,551,259,824. The current circulating supply stands at 585,536.37B SAFEMOON.
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Competitors Ahead
One of the major competitors of this token, Bitrise, has recently announced what it could be a gamechanger in the battle between both blockchain projects.
In fact, Bitrise launched a dApp wallet that expects to compete against the offerings of the SafeMoon project, according to the white papers released at the end of October.
¿To The Moon?
Still, from a technical perspective in the price action, SAFEMOON seems unstoppable despite the current retracement it has been witnessing since it hit the all-time highs last month at around $0.0000065. Now, the price is treading waters around the 50-period simple moving average (SMA) at the H4 chart.
Such an SMA could provide a demand zone for the cryptocurrency to bolster the buyers’ interest among the token, which also converges with the 50% Fibonacci retracement level at $0.0000039.
If a rebound happens around that area, SAFEMOON could resume the bull-run and eventually attempt a rally towards the first tough nut to crack at $0.0000053.
But bears could help deepen the current structure that points towards the south, targeting the Fibonacci retracement area of 61.8% at $0.0000033. That’s a golden ratio level according to the Fibo theory from a financial analysis’ perspective.
Overall, and according to the historical behavior of the altcoins, SAFEMOON could not be the exemption regarding a bullish mood at the end of the year once it clears out the critical hurdles on the path to the north. Thus, the optimistic scenario could get invalidated with a breakout below the $0.0000025 level, which belongs to the tops formed in the second half of October.