SafeMoon price continues to trend sideways as it is sealed in a consolidation pattern, with little hope of moving higher. SAFEMOON price could be headed for a 40% drop as buyers are nowhere to be found.
SafeMoon price action has been uneventful as it continues to move within a descending parallel channel on the daily chart. SAFEMOON's price appears to have lost momentum as there is little chance for the altcoin to bounce back.
In fact, SafeMoon's price could be awaiting a steep drop, as trading volume has diminished, which means investors are uninterested in SAFEMOON.
The bears could aim for a 41% plunge to the $0.00000113 level, as this level acts as the next significant level of support for SafeMoon price.
Further selling pressure could even push SAFEMOON's price lower to tag the April 10 low at $0.00000065 level. Only an astonishing turn of events that incentivizes an extended move to the downside could see SafeMoon's price hitting the lower boundary of the parallel channel at a price of $0.00000048.
Should the bulls aim for a price recovery, SafeMoon price is faced with an immediate obstacle at the middle boundary of the governing technical price pattern at $0.00000205.
The following hurdle for SafeMoon price is at the 20-day and 50-day Simple Moving Averages that coincide at a price of $0.00000231. Only a significant push to the upside accompanied by an uptick in buying pressure would see SAFEMOON's price attempt to tag the 100-day SMA at $0.00000281.
Should the bulls aim for bigger aspirations, SafeMoon price could reach the topside trend line of the parallel channel, which sits near the 23.6% Fibonacci retracement level at a price of $0.00000360.
Given the lackluster performance of SafeMoon price over the past few months, higher levels are not expected at the moment. In fact, SAFEMOON's price will most likely continue trending within the prevailing chart pattern.
SafeMoon price trend channel looks to dictate law in its price action to the downside
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