SafeMoon price eyes retest of $0.00184 as it knocks on vital support level
|- SafeMoon price has shattered three support levels as it extended its February 7 downtrend.
- SAFEMOON price could trigger a 10% ascent as it retests the last visible support level at $0.00166.
- A breakdown of this barrier will invalidate the bullish thesis.
SafeMoon price has been on a steep downtrend for the last week despite the positive outlook in the crypto markets. As SAFEMOON approaches a crucial support level, investors can expect some sort of a bullish reaction.
SafeMoon price at wits’ end
SafeMoon price dropped 12% since February 7 and is currently hovering around one of the last two visible support levels at $0.00166. Although the outlook seems bearish, there is a chance for buyers to make a comeback.
A resurgence in bullish momentum is the key to triggering a minor uptrend and flipping the support levels at $0.00176, $0.00180 and $0.00184. This rally would constitute a 10% ascent if bulls manage to retest the $0.00184 barrier.
In a highly bullish case, SafeMoon price might extend the climb and slice through the $0.00192 hurdle to tag the $0.00196 barrier. This development will open the path to retest a demand zone, extending from $0.00200 to $0.00203.
There is quite a bit of bullish potential for SafeMoon price above this barrier; however, the altcoin needs to overcome hurdles before it.
SAFEMOON/USDT 4-hour chart
On the other hand, if SafeMoon price produces a daily four-hour close below $0.00166, it will invalidate the bullish thesis and trigger a short-term correction to the subsequent barrier at $0.00160.
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.