SafeMoon price dips into buy zone, hints at the start of an 80% bull run
- SafeMoon price slows down after dropping nearly 52% over the past three weeks.
- This reversal in correction occurs as it retests the buy zone, extending from $0.00000302 to $0.00000215.
- Investors can expect an 80% upswing that tags the $0.00000558 resistance barrier.
SafeMoon price saw its uptrend face a massive blockade, triggering the start of a huge pullback. Due to the retest of a bullish zone, market participants can expect SAFEMOON to restart its bull rally.
SafeMoon price eyes higher highs
SafeMoon price rose 484% from its low at $0.00000104 to $0.00000609 in a month. This impressive climb faced exhaustion of buying pressure and profit-taking, leading to a 52% correction to retest the buy zone, stretching from $0.00000302 to $0.00000215.
As mentioned earlier, this area is where the downswing push assets into deep discounts, making it a high probability reversal area.
Since SafeMoon price briefly dipped this area’s upper limit, investors can expect SAFEMOON to kick-start a new uptrend. The uptrend, however, will face three hurdles, at $0.00000377, $0.00000470 and $0.00000558. Assuming the buying pressure is enough, a retest of the last level will indicate an 80% ascent.
In a highly bullish case, market participants can expect SAFEMOON to retest the range high at $0.00000615, representing a 95% rally from its current position at $0.00000314.
SAFEMOON/USDT 1-day chart
While things are looking up for SafeMoon price, this bullish outlook could start anywhere from 62% Fibonacci retracement level at $0.00000302 to 79% Fibonacci retracement level at $0.00000216.
However, a daily close below $0.00000109 will create a lower low and invalidate this bullish outlook for SafeMoon price.
Author
Akash Girimath
FXStreet
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.
