SafeMoon hit with flash-crash and BitMart hack, new all-time lows reached
- SafeMoon price made new all-time lows.
- Cryptocurrency exchange BitMart hacked with an estimated $200 million in crypto stolen.
- Low risk, high reward trade setup – but trust is now an issue.
SafeMoon price action is, perhaps, the saddest and least safe story of any altcoin presently traded. Unfortunately, a combination of horrible circumstances has brought SafeMoon close to worthless valuations.
SafeMoon trades below $0.00001, punishing hodlers and bulls with new all-time lows
SafeMoon was one of the glowing success stories of the last couple of months. It may be hard to forget, but SafeMoon pushed a new all-time low (at the time) on September 27th to $0.000001 and then rallied through October 29th for a 593% gain to $0.000007. Then, from October 29th to December 4th, SafeMoon capitulated over 88% to a new all-time low at $0.0000009.
If the Saturday flash-crash wasn’t enough to generate significant selling pressure, insult was added to injury with the news of the BitMart hack. According to PeckShield Inc., losses were estimated at $200 million with SafeMoon, Binance Coin, and Floki Inu among the crypto taken via a hot wallet weakness between Binance’s Smart Chain network and Ethereum.
However, this may create a trading opportunity that could yield some significant gains. SafeMoon maintains a large fan base, and retail speculators adore SafeMoon as a favored altcoin. Already, a substantial number of speculators have piled in on SafeMoon at the new all-time lows, rallying SafeMoon over 54% from the all-time lows. The daily Tenkan-Sen at $0.000002 is where SafeMoon price will likely face its first resistance test.
SafeMoon/USDT Daily Ichimoku Chart
Traders should be cautious of concerns over SafeMoon’s ability to maintain a consistent value area and what kind of an impact, if any, the stolen SafeMoon will have on its current price.
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