SafeMoon hovers above major support
- SafeMoon price is at the precipice of a massive move, which could head either way.
- Concerns of SAFEMOON being a Ponzi scheme pop up due to fee structure.
- A breakdown of the range low at $0.00000260 might trigger a 45% downswing to $0.00000145.
Update: SafeMoon is trending down 2% in early US trading just above the last major nearby support at $0.00000260. At the time of writing, however, the controversial token is up 2% against Bitcoin and 6% against Ethereum.
SafeMoon price has been on a slow downtrend as its range tightens, indicating that the volatility has dried up. The price action resembles an awful lot to Bitcoin.
Although an upswing here is unlikely, the downswing will occur if SafeMoon price shatters a vital level. Investors need to be cautious of a sudden spike in bearish momentum as concerns grow over signs of a Ponzi scheme.
Red flags pop up
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