The cryptocurrency market posted losses for the second year in a row this week, with the prices of most coins falling more than 2% in the past 24 hours
The cryptocurrency market rebounded for most of the past week, with Bitcoin climbing above $ 47,000 for the first time since May. Ether also saw a massive surge in price, joining the $ 3,300 mark last week.
However, the market is currently in a correction phase, with the prices of most cryptocurrencies falling by more than 2% in the past 24 hours. Bitcoin has fallen below the $ 45,000 mark, while Ether risks falling below the resistance point of $ 3,000 in the coming hours.
Safemoon is not left out as the cryptocurrency has lost nearly 5% of its value in the past 24 hours. The market is consolidating after last week’s rally, and this implies that SAFEMOON and other cryptocurrencies could take further losses in the hours and days ahead.
SAFEMOON price outlook
The broader cryptocurrency market is currently in a bearish mode. It is therefore not surprising that the SAFEMOON / USDT 4-hour chart is in the red. SAFEMOON is down about 5% in the last 24 hours and could decrease in the hours to come. SAFEMOON is currently trading at $ 0.000001545 per coin.
Should the current downtrend continue in the broader market, SAFEMOON could continue to lose ground and fall below the $ 0.00000130 level. The negative performance could cause SAFEMOON to lose another decimal point and trade around the $ 0.00000090 region in the coming hours and days. However, SAFEMOON does not risk losing that much unless there is a large market sell-off.
SAFEMOON / USDT 4 hour chart. Source: Gate.io
On the flip side, SAFEMOON could top $ 0.00000165 if bullish sentiment returns. The first major resistance is around the $ 0.00000174 region and SAFEMOON could take a run if the market rally continues.
Unless there is a longer uptrend, the second major resistance at USD 0.00000203 should limit further uptrend. SAFEMOON’s performance over the next few hours could depend largely on the performance of the general cryptocurrency market.