As the market plummeted on December 4, the SafeMoon price did not hold up. This sell-off brought this altcoin below a key support level and into oversold territory.
On December 4, the SafeMoon price fell 63 percent and sliced through the September 28 swing low of $0.00000104, collecting liquidity that had been sitting below it. The catastrophic crash and subsequent correction are an ideal combination for kicking off an upswing.
While things are looking better for the SafeMoon price, the uptrend may not last, causing the altcoin to drop to $0.00000108. If the bearish momentum forces SAFEMOON to make a lower low below $0.000000617, the bullish thesis presented above will be invalidated.
SafeMoon dropped by more than 88 percent to a new all-time low on December 4th after soaring about 600 percent between September 29th and October 29th. In terms of dominance and social engagement, memecoins have been the most popular cryptocurrencies. HoDooi.com, a multi-chain NFT marketplace, recently announced a cooperation with SafeMoon.
Safemoon V2 was a much-anticipated comeback for the coin, which was already in free fall. However, Safemoon V2 will be released at a time when the DeFi market is already crowded. Some of the currencies are already drawing members of the Safemoon community.
At the time of writing Safemoon is trading in green at $0.00000165. In the last seven days it has surged by more than 70 percent. Safemoons price movement might be bullish for the next 24 hours.
Safemoon is expected to recover its losses in the near term, with the immediate resistance level around $0.0000022. Due to the enormous sell-off on Saturday, it’s quite probable that many current SafeMoon bulls and potential purchasers will wait to see whether there’s any further downside momentum.