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Analysts See Imminent Breakout after Recent Correction

SafeMoon has been one of the most successful Initial Coin Offerings (ICO) since its launch in March. SafeMoon, had a great October, much like other cryptocurrencies, but then it slumped. This month has seen SafeMoon price struggling to establish a clear floor after pulling back nearly 50 percent from the all-time highs it established in late October.

However, still, it has attracted much attention in the media, with analysts confident that a breakout is imminent for the cryptocurrency like three weeks ago. SafeMoon hit a high in June and has been doing well and the recent price slump has worried many but the cryptocurrency still has enough potential and is likely to bounce back soon.

The Rise and the Fall

SafeMoon price accelerated after bulls broke and consolidated at $0.00000296 over the 78th Fibonacci level. It had a great October as it broke records and continued to soar, with its price skyrocketing over 145 percent from its lowest point on record.

The last week of October saw SafeMoon jump 22 percent. But then came the slump. It has since struggled to establish a clear floor, with its price plummeting. Although it showed some promise of bouncing back in early November, but that quickly fizzled out.

As at time of writing this article, SafeMoon was still struggling, as it price is seeing bears pushing its price further downwards, almost but fully reversing the gains. Support is coming in at $0.00000289 and could potentially trigger a new breakout like it did in October.

What’ in Store?

In October 2021 the founders and developers of SafeMoon suggested that they plan to launch a new version of this token, probably 2.0. The latest version, 2.0, will have a new total coin supply of 1 trillion.

At the same time, the coin burn will have almost 575 billion coins in circulation. Meanwhile, the updated news from the developers on October 13th claimed that this newer version would try to attract new investors by lowering the fee of this coin to start with.

The founders claimed that the new version of SafeMoon will allow them to address the 12 problems that Blockchain security firm Certik found in its security audit in April. Needless to say, the coin holds a lot of potential and analysts believe it will bounce back from the recent lows and will breakout in weeks.

According to forecasting website Wallet Investor, SafeMoon’s price could surpass $0.000004 by the end of the year 2021.

According to Price Prediction, the digital coin could hit an all-time high price in weeks beating its previous high price. Furthermore, it expects the coin to reaching $0.00000665 at the end of 2022. DigitalCoin, predicts the price of SafeMoon coin token to reach or even cross $0.0000074376 in 2022. Moreover, if the same trend continues, the price could further skyrocket and hit almost $0.0000086024 by 2023 and $0.0000125853 by 2025.

SafeMoon’s price can hover around $0.0000067 at the end of 2022 as it is expected to start the year on a bullish note, according to Coinpedia. And even if it ends 2021 on a bearish trend, the coin could be trading at $0.000003 at the beginning of 2022.

That said, analysts believe the bearish trend could be invalidated if SafeMoon price can return to a close above the Kijun-Sen and Tenkan-Sen. For this buyers need to push SafeMoon to a close at or above $0.0000045. From there, the coin is likely to retest the all-time highs at $0.0000070.


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via ibtimes.sg