How trade SafeMoon price for a quick profit?
|- SafeMoon price consolidates, suggesting an infight between bulls and bears for control.
- Investors can expect the recovery rally to continue until the altcoin reaches $0.000876.
- A daily candlestick close below the range low at $0.000356 will invalidate the bullish thesis.
SafeMoon price gets ready for a quick run-up amid a bearish challenge. As a result, SAFEMOON has been consolidating below a crucial resistance barrier. Investors can expect the altcoin to resume its run-up soon.
SafeMoon price to overcome hurdles
SafeMoon price has tagged the range low at $0.000356 twice after a 200% upswing between April and May 2022. After a full retracement to the range low, buyers seem to have made a comeback, resulting in a recovery rally.
As SafeMoon price reverts to the mean, investors can expect the first major hurdle to be the 50% retracement level at $0.000725. However, the bears seem to be giving bulls a fight for their money, resulting in a coil below the range’s midpoint.
A breakout from this setup could push SafeMoon price to the 70.5% retracement level at $0.000876. This move would constitute a 65% gain and is likely where the upside is capped for SAFEMOON in the short term.
However, if Bitcoin recovers to $30,000 or higher, then the chances of SAFEMOON revisiting the range high at $0.00109 are high.
SAFEMOON/USDT 1-day chart
While things are looking up for SafeMoon price, a daily candlestick close below the range low at $0.000356 will create a lower low. This development will skew the odds in the bears’ favor and invalidate the bullish thesis.
In such a situation, SafeMoon price could slide lower to the immediate support level at $0.000157.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.