Bullish traders are running for the hills as the Safemoon price has began this week’s trading session with a steep decline. The breach eliminated the liquidity below May’s swing low of $0.0002716 and might be the first indication that Safemoon is about to fail.
The price of Safemoon is presently $0.000280. The only encouraging signs to be cautious of are the very low volume and the SFM hovering over a parallel channel that is now declining.
In addition, the Relative Strength Index has crossed the boundary that enables bulls to continue supporting the SFM price. All attempts at bullish retribution were rebuffed by the 8-day exponential moving average and the 21-day simple moving average.
Combining these elements, Safemoon’s price may experience a startling drop in the upcoming days. A bearish objective for the contentious cryptocurrency was previously indicated as being in the $0.0001100 region. The price drop would be 60% less than what it is now for Safemoon.
If the bulls are able to overcome both moving averages, the bearish thesis may be proven false. In response, there might be a rally towards the area of earlier congestion around $0.0003950, which would increase the price of Safemoon by 50%.