• SafeMoon price action’s recovery to $0.00164 seems to be going on, albeit slowly.
  • Investors can expect a 35% ascent before SAFEMOON retests the $0.00164 to $0.00174 lower limit of the supply zone.
  • A daily candlestick close below $0.00106 will invalidate the bullish thesis.

SafeMoon price has lagged in its recovery, and lately, the uptrend seems to be going slowly. A continuation of this bounce seems plausible considering the consolidative nature of the big crypto.

SafeMoon price on a mission to climb

SafeMoon price crashed 35% after setting up a supply zone, extending from $0.00164 to $0.00174. The resulting downswing set a swing low around $0.00106, which marked a local bottom. Since then, SAFEMOON has rallied roughly 15.6% to where it currently stands.

Going forward, investors can expect the altcoin to continue its uptrend, especially if BTC does not crash. Since the big crypto is moving sideways, there is a good chance the recovery rally for SAFEMOON will continue to progress slowly.

Hence, market participants can expect SafeMoon price to rally another 35% before encountering the supply zone’s lower limit at $0.00164. Interested investors can open long position at the current level and book profits at the retest of $0.00164.

Although unlikely, an extension of this ascent could propel SafeMoon price to shatter this hurdle and make its way to $0.00176. This move would constitute a 44% ascent from the current position and is likely where the upside is capped for the altcoin.

SAFEMOON/USDT 4-hour chart

SAFEMOON/USDT 4-hour chart

While things are looking up for SafeMoon price, a failure to move higher will indicate weakness among buyers. Such a development will occur if SAFEMOON produces a swing low below $0.00106. This would set a lower low, skewing the odds in bears’ favor and invalidating the bullish thesis.

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price is trading marginally above $1,300 after its bullish shoots were slashed at $1,400 on Tuesday. The presence of immense buyer congestion at $1,255 cut short the pullback that may very well have tagged $1,200. 

More Ethereum News

This best-case scenario for Litecoin price forecasts a 20% drop

This best-case scenario for Litecoin price forecasts a 20% drop

Litecoin price action over the last few weeks paints a bearish picture, as discussed in our previous article. Since then, LTC has triggered a breakout and is likely to continue heading lower.

More Litecoin News

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Large wallet investors on the Ethereum network are keen on accumulating Shiba Inu. The 130th largest Ethereum whale scooped up 272 billion Shiba Inu coins overnight. Analysts retain a bullish outlook on the altcoin. 

More Shiba Inu News

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price undid its gains seen between September 21 and 24 as it came tumbling down, following the footsteps of Bitcoin price. This downtrend has provided sidelined buyers a chance to accumulate before the inevitable explosion of bullish momentum.

More Dogecoin News

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP