|

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

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

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

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

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.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.