SafeMoon/USD: Speculative Buying Wave Drives Value Upwards

Robert Petrucci

SafeMoon continues to be part of a speculative sphere which delivers a significant amount of volatility as traders wager on direction.

SafeMoon has gained favorably the past handful of days, but its value remains well below the hyper exuberant prices which were seen upon its release in the spring of this year. The past handful of days has seen SafeMoon traverse towards highs achieved in late August and speculators will have to decide if there are enough buyers who will continue to drive the price of the cryptocurrency upwards short term.

As the broad cryptocurrency market enjoys a strong amount of exuberant wagering, SafeMoon remains within a supremely speculative realm because it is a rather out of sight digital asset, while maintaining a strong base of influencers. Traders who want to buy SafeMoon on their trading platforms via brokers are strong advised to use entry levels and risk management tactics at all times.

SafeMoon ranks around the 205th largest cryptocurrency per its market capitalization. Finding SafeMoon on cryptocurrency exchanges to actually purchase the digital asset remains challenging. SafeMoon has a price against the USD based on quantified trading via other cryptocurrencies.

SafeMoon has gained well the past week of trading and it is traversing important highs. If exuberant conditions remain within the broad cryptocurrency market, it is possible SafeMoon could continue to produce significant upward percentage moves in value. Traders need to understand SafeMoon is a fractional cryptocurrency valued well below one cent and its moves are incremental. SafeMoon has the capability to move well over 10% within a day and spikes are not uncommon.

Short term speculators who like adventure and are optimistic about the bullish behavioral sentiment in the broad cryptocurrency market may want to pursue buying positions of SafeMoon. If a trader can safely buy a position within SafeMoon using an entry order and place take profit positions effectively, trading SafeMoon could prove to be a worthwhile speculative wager. However traders are advised not to be overly ambitious and make sure their transaction fees while pursuing SafeMoon do not eat them alive regarding costs.

SafeMoon remains an intriguing speculative opportunity for traders who love volatility and want to pursue aggressive positions. However traders are also reminded that SafeMoon does have the ability to reverse lower and cause pain. Buying SafeMoon actually feels like the correct wager near term as the broad cryptocurrency market moves higher. SafeMoon could challenge late August highs if optimism continues to mount.

SafeMoon Short Term Outlook:

Current Resistance: 0.000003400

Current Support: 0.000003100

High Target: 0.000003650

Low Target: 0.00000240

SafeMoon/USD

Robert Petrucci
Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.

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