SafeMoon tumbled wildly yesterday and this has occurred while the broad cryptocurrency market has actually done quite well.
Traders who have a taste for adventure and wild fluctuations within the cryptocurrency world have likely been keeping their eyes on SafeMoon. The cryptocurrency got off to a fast start upon its launch in the late winter as the broad cryptocurrency markets rose in a wild fashion. Promises of a crypto wallet which will allow SafeMoon to be exchanged and held securely are still being awaited on and some reports suggest the wallet will become available in the last week of August.
However after enjoying a number of weeks in the sunshine and watching its values rise, albeit fractionally, SafeMoon has developed a rather troubled trend downwards since mid-May. The cryptocurrency which became an instant success and reached an incredible market capitalization reportedly over 6 billion USD at one juncture has now seen its worth tumble and SafeMoon has dropped out of the top 100 cryptocurrencies regarding overall worth.
While cryptocurrencies are known for their volatility, SafeMoon is a prime example regarding the speculative nature which exists in the digital asset world and the dangers frequently posed. Simply put SafeMoon is a highly speculative endeavor and traders who decide to pursue the coin need to be prepared for wild fluctuations, unfortunately the recent price action for Safe Moon has been downward.
The next two weeks of trading may prove to be critical for SafeMoon. Short term traders who cannot afford to withstand the possibility of sudden losses may want to keep away. However traders who can withstand the emotional turmoil of SafeMoon and are willing to risk money may find a speculative opportunity. The question if SafeMoon will attain its allure again within the cryptocurrency world is legitimate. The question if SafeMoon was merely a great marketing scheme which made some of its creators rich can also be asked.
If SafeMoon can find a stable support level short term, and sincerely exhibit a cryptocurrency wallet which allows for easier handling and thus creates the capability to be listed on a broad scope of exchanges this would be a potentially positive development. As of yesterday’s trading SafeMoon plunged through important support levels seen in the third week of April and it may explore lower terrain not seen since the first week of that month.
However, if support levels can be demonstrated and some positive momentum develops, holding a bit of SafeMoon if a trader can buy within these precarious levels could prove to be a worthwhile bet. Yes, if you are willing to buy SafeMoon you should also be prepared to lose all of your speculative investment too. Within the wild west of cryptocurrencies SafeMoon poses danger.
SafeMoon Short Term Outlook:
Current Resistance: 0.000001678
Current Support: 0.000001540
High Target: 0.000001920
Low Target: 0.000001300