Safemoon’s price invalidated a potential 50% recovery rally.
The bears totally control the trend.
A break above $0.00138 will invalidate this thesis.
Safemoon price is under threat as the bears have taken full control of the trend. At present, there is no indication of a bullish reversal.
Safemoon’s price seems dangerous.
Safemoon price showed bullish sentiment last week after a bullish impulse led to a pennant-shaped consolidation. It was emphasized in the previous thesis not to be an early buyer as a potential sucker rally could be underway. A few days later, the bears revealed their true power and completely invalidated the momentum by removing yesterday’s low at 0.00100.
Safemoon price is now consolidating just below the previous invalidation level and will likely continue to decline further in the coming weeks.
Safemoon/USD 1-day chart
Safemoon’s price still has the potential to bouncing for some upside as what we may have seen of recent price action may meet the criteria for an “X Wave” among Elliott Wave analysts. However, some consolidation and price action will be needed before forecasting bullish sentiment. The bears are in full control of the trend and will likely send Safemoon price to $0.00070 and below. Unfortunately, Safemoon investors should consider how their portfolio will look 20-30% below the current price of $0.00100 in the future.
Safemoon can be expected to go into range and decline further unless the previous consolidation high at $0.00138 is touched. If that happens, then a chance for Safemoon price to rally between 30% and 50% will be back on the table, with bulls targeting price at $0.00150 and $0.00180, respectively.