Speculators wagering on SafeMoon should take an extra cautious approach with the cryptocurrency short term as reports and rumors regarding ‘problems’ unfurl.
SafeMoon saw its value rise in dramatic fashion late last week as anticipation of its cryptocurrency wallet and ability to supposedly trade via Android and Apple applications intensified. Unfortunately, and perhaps not unsurprisingly, SafeMoon announced that it has stumbled with technical difficulties, and this has prevented the ‘organization’ from releasing promised trading tools.
Upon the release of ‘negative’ news into the world of social media and the parade of influencers who were hungrily awaiting the release of the wallet, which would have allowed SafeMoon to be traded more effectively, SafeMoon saw its value plummet. And while the rapid drop in price cannot be said to have cratered, though it is tempting, the price of SafeMoon did in fact lose a significant amount of value.
SafeMoon is likely to remain in the news near term as its proponents and critics argue about merits. If SafeMoon is not able to produce its wallet as promised within the next week, it could cause serious harm to value and upset speculators may attempt to sell their holdings. Technically, SafeMoon/USD needs to be treated extremely carefully and speculators who find an exchange to trade the cryptocurrency should always practice caution.
However, traders of SafeMoon/USD are likely not a very cautious group to begin with, so perhaps this warning is like spitting in the wind. Speculators who are skeptical of SafeMoon may believe that the cryptocurrency is vastly overvalued and may seek to be sellers. A one-week chart of SafeMoon shows the cryptocurrency is trading at lows as of this morning and is ‘testing’ important support, but that SafeMoon/USD is still well above its values traded less than a week ago.
SafeMoon is a purely speculative wager and traders need to be extremely cautious and use stop loss ratios that are secure. If a bettor decides to sell SafeMoon/USD and aim for lower price targets it may be the logical choice, but they need to protect their positions with stop losses just in case a sudden burst of ‘positive’ news erupts within the SafeMoon social media world and causes the price to jump.
It is literally a game of ‘who do you believe?’ regarding SafeMoon at this moment. And conservative traders who question the merits of SafeMoon may be making a logical choice to wager selling positions with adventurous speculative positions.
SafeMoon Short-Term Outlook:
Current Resistance: 0.000002400
Current Support: 0.000002200
High Target: 0.000002700
Low Target: 0.000001900