Analyst opines: SafeMoon will grow 80% while Ethereum breaks the R$ 20,000
In the last 24 hours, as much as have seen their prices fall between 6% and 8%. However, these moves may just be a healthy correction that will increase by 30% to over R$20,000 and Safemoon by about 80% to R$0.000020.
Both optimistic projections are from cryptocurrency analyst Akash Girimath.
Ethereum at $4,000
According to the analyst, the increase registered by Ether between July 20 and August 12 was relatively greater than that of .
However, right now, when it is priced at $3,043 (BRL 16,000) altcoin faces significant resistance.
According to Girimath, the supply area, which ranges from US$ 3,240 to US$ 3,533, needs to be surpassed so that the “buying forces”, or bulls, have a chance to rise.
“Perhaps a large increase in buying pressure similar to that seen around 20 July would be able to break this area of resistance and push the ETH higher,” he said.
If this breakout move occurs, the price of Ethereum will likely hit $3,716. Then it can surpass the psychological level of $4,000.
In this case, the Ethereum would cost R$ 20,950, with an increase of around 30% compared to the current position.
However, if ETH does not breach the supply zone, it could drop below $3,000, delaying recovery.
SafeMoon at $0.00000378
As for SafeMoon, Girimath noted that the token has been in a downtrend since May 21st. In this period, the chart has formed a descending wedge pattern, which is an optimistic configuration.
On May 11th, SafeMoon hit its all-time price high at $0.00001094. Since then, it has retreated more than 82% to current $0.00000189.
In addition, the chart has formed a series of lower lows, the analyst says. However, the May 20th price action set 3 lower highs and 7 lower lows.
“Connecting these wobble points using trendlines results in a descending wedge pattern. This technical formation predicts a 77% rise, obtained by measuring the distance between the first high and low oscillation and adding it to the breakout point”, he detailed.
Based on these projections and the August 6th high ($0.00000268), SafeMoon is expected to reach $0.00000378. In other words, approximately R$ 0.000020, quoted in reais.
Prior to that, the cryptoactive price may retest intermediate resistance levels at $0.00000264, $0.00000316 and $0.00000346.
By Easy Crypt