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.
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.
