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- SafeMoon Token is in a bullish consolidation zone on the daily chart
- The coin has formed a bullish crossover of the 20/50/100 days EMA
SafeMoon Token has been on a bearish phase since it peaked during November. The token had formed a bearish crossover on the chart in mid-November post which the coin has been dominated by the bears. Having said that the token has recovered in the last month and is consolidating in a range as can be seen on the chart. The token took support at a long-term support level.
SafeMoon Token is on a bullish trend on the hourly chart. The coin has a strong support as seen on the chart. The Token is on a bullish trend between upward sloping trendlines. The looks are set to continue in the bullish zone over the next few trading hours. Traders can have a bullish view on the coin with the coin making a bullish crossover of the 20/50/100 day Exponential Moving Averages on the daily chart.
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Conclusion:
SafeMoon Token has been on a bullish trend and the trend is set to continue over the next few trading sessions. The coin has made a recovery from a month-long bearish dominance and is in a consolidation phase at the moment.
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
