Investors survive a volatile trading week as SafeMoon crypto price rises 2022
In this article the author Filip Lagaert the rebounding of the SafeMoon’s price and its other price actions.
- SafeMoon price 0.001025
- Today’s upbeat opening looks set to help lift sentiment in SafeMoon.
The price action of SafeMoon (SFM) was on the edge of breaking the December 22 low but showed signs of relief as investors looked past the very volatile week. Furthermore, the FED minutes contained no further hawkish remarks or tightening, making the expected 25 basis point rate increase in March no surprise to markets. These factors have traders preparing for further gains
SafeMoon bulls will, in a first phase, look to target the high of yesterday at $0.001662. As the close of yesterday and the opening of this morning are so close together, expect this to be easily achieved as tailwinds from the stock market help lift sentiment. The next big hurdle on the graph will be the low of February 02 at $0.001691, which was also the February 14 low and acted as a bounce-off to try and break $0.001759, but failed back then.
Once above $0.001691, expect to see a repetition of a similar pattern as at the beginning of February with yet again $0.001759 as the target to get above. Bulls have been unable to hold a price opening above that level, let alone a daily close. But as talks are still underway and a diplomatic solution in Ukraine is still possible, expect a pop to the upside once white smoke gives the signal with a possible daily close above $0.001759 by the weekend or next week.
SafeMoon/USD daily chart
The situation on both the rates markets and Ukraine is still very much precarious. Any hawkish comments could easily see markets back to pricing in a 50 basis point rate hike by the FED in March, or headlines on reemerging violence in the Donbass region could set back peace talks with Russia and make investors worry again. SafeMoon price would quickly react to this with a push back towards $0.001602 and a possible break or breach of the support. That would open the door for a sharp correction towards $0.001500.
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