SafeMoon Price Bounces back following a Volatile week in the Marketplace for HOLD Crypto Investors in February 2022
In this article the author Filip L. discusses how the SafeMoon price has rebound during a very volatile week of crypto trading.
The price action of SafeMoon (SAFEMOON) has been on the edge of breaking the December 22 low, but investors began to look beyond the very volatile week yesterday evening as Moscow kept its word not to invade. Accordingly, the minutes of the FED did not mention any further hawkish comments or tightening, making the anticipated 25 basis point rate hike in March no big surprise to markets. As a result, traders are positioning for more upside.
As SafeMoon Prices Rise, Investors are Putting Themselves in Position for More Gains
SafeMoon bulls will look to target the high of yesterday at $0.001662, in the first phase. Because yesterday’s close and this morning’s opening are so close, we can expect this to be achieved with tailwinds from the stock market. In the graph, the next big obstacle 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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