|

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

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

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:

Editor's Picks

Ondo Price Forecast: ONDO vulnerable to deeper losses amid CLARITY Act delay

Ondo is down over 2% on Friday, extending its 4% decline from the previous day, as the US Senate delays the floor vote on the crypto CLARITY Act to next month, weighing on Ondo. Retail demand for ONDO eases as Open Interest declines and funding rates turn negative. The technical outlook for ONDO is bearish as the downside momentum gains traction.

Ethereum Weekly Forecast: Calm before a bullish breakout

Ethereum continues to trade sideways, hovering around $1,901 on Friday, hinting at a potential breakout ahead. Meanwhile, steady Exchange Traded Funds inflows and rising accumulation among large ETH holders suggest that bullish pressure could be building beneath the surface. Institutional demand continues to strengthen.

Crypto Overview: US Senate delays Clarity Act vote – Cardano and LayerZero sustain gains

Bitcoin price holds steady above $64,000 with the 50-day Exponential Moving Average at $64,637 capping gains. The US Senate has delayed the floor vote for the Crypto Clarity Act after the summer recess, starting Monday. Cardano and LayerZero hold gains from the previous day's rebound, outperforming top altcoins over the last 24 hours.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC under pressure, ETH trades sideways, XRP gravitates toward $1
Bitcoin (BTC) and Ethereum (ETH) remain under pressure on Friday after mild gains, while Ripple (XRP) slides over 5% so far this week. BTC faces rejection near a key resistance barrier, and ETH has been trading sideways for the last 22 days. Meanwhile, XRP is gravitating its correction toward the key $1 support zone.
Bitcoin: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.