|

SafeMoon price continues its bullish journey to $0.00164

  • 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.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Pi Network Price Forecast: PI flashes bearish potential as selling pressure mounts

Pi Network trades above $0.2000 at press time on Thursday, following a nearly 2% decline the previous day. Centralized Exchanges have received 1.90 million PI tokens over the last 24 hours, suggesting risk-off sentiment among holders.

Algorand Price Forecast: ALGO eyes further upside as falling-wedge retest holds

Algorand (ALGO) price steadies around $0.136 on Thursday, nearing a key support level; if it holds, it suggests further upside. Bullish sentiment strengthens as ALGO’s on-chain and derivatives data indicate improving trader sentiment.

Top Crypto Losers: Pump.fun, Story, and Pudgy Penguins test key support levels

Pump.fun (PUMP), Story (IP), and Pudgy Penguins (PENGU) experience intense selling pressure over the last 24 hours. PUMP and IP failed to cross the 50-day Exponential Moving Average, resulting in a pullback on Wednesday, while PENGU is testing its 50-day EMA.

XRP faces selling pressure as key on-chain metric resets and ETF inflows weaken

Ripple (XRP) is trading downward but holding support at $2.22 at the time of writing on Wednesday, as fear spreads across the cryptocurrency market, reversing gains made from the start of the year.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.