The SafeMoon price promotion is perhaps the saddest story and the least secure asset of any cryptocurrency traded today. Unfortunately, a combination of ironic situations brings SafeMoon back to its motherland. So does this altcoin have any chance of recovery?

SafeMoon trades under $ 0.00001

SafeMoon is one of the great success stories of the past few months. This success is unforgettable as the token made a great surge from its low then (September 27th) of $ 0.000001 to $ 0.000007 on October 29th, an increase of 593%. However, from October 29 through December 4, the altcoin plunged 89% to $ 0.0000009 – the current all-time low (ATL).

If Saturday’s market-wide flash crash wasn’t enough to create significant selling pressure, news of the BitMart hack dealt the altcoin another painful blow. The hack took about $ 200 million from the exchange, and among those stolen cryptocurrencies was SafeMoon.

However, this situation can create a significant profitable trading opportunity. SafeMoon has a large fan base and retail speculators who revere it as the national altcoin. A significant number of speculators have now stepped onto the SafeMoon boat at ATL, which has since given the token a profit of more than 54%. With the daily Tenkan-Sen at $ 0.000002, the token price will likely face its first resistance test.

SafeMoon / USDT daily Ichimoku chart.

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Annie

According to Fxstreet

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