The entire cryptocurrency market is shooting skywards and 'to the moon' for more than a week by steadily following Bitcoin's path to greener pastures but SafeMoon is among the handful of coins that's only going backwards and is dipping extremely in the days trade.
SafeMoon is down to double digit percentages each day causing anxiety among investors as to which direction the coin is really headed to. SafeMoon had reached an all time high (ATH) of $0.00001094 on May 11, 2021 before plunging into the never-ending abyss.
The coin has been beaten down to its knees by falling close to 90% from its all time high and is currently down -87.75% from its ATH. Today the coin has fallen sharply and is down -18.25% in the days trade.
Investors have no other option but to hold on to their assets as selling at a loss would cost them dear and people who are buying the 'dip' unfortunately are seeing many more dips with no end in sight.
What To Expect From SafeMoon After Falling 90% From Its ATH?
The bulls are unable to pull back from the claws of the bears and SafeMoon seems to be uninterested to recover from its fall, as its overwhelming lows has diminished the bearish chart pattern and is currently holding on to $0.000001600 levels. If this critical support is broken, the coin is headed towards further doom.
Another aspect troubling SafeMoon is that its Average True Range (ATR) has been steadily declining. For the uninitiated, ATR is an indicator that measures volatility of a price range and SafeMoon gives no volatility to its investors and its price in the 'days high and low' remains razor thin, with no space for investors to decide when to buy or when to sell.
SafeMoon's price shows no upward potential and The International Business Times predicts that the coin will fall further from its current price.
The weak global economic condition adds to SafeMoon's woes and also the coin is mostly dominated by whales who pull the plug often making the coin fall in large percentages. SafeMoon at the time of publishing was trading at $0.00000158 and is down -20.06 in the days trade.