- SafeMoon price has set up a swing low at $0.00106, signaling a potential for reversal.
- A resurgence of buying pressure could see SAFEMOON climb higher to retest the $0.00165 to $0.00175 supply zone.
- A lower low below $0.00106 would invalidate the bullish thesis.
SafeMoon price has been in a correction phase since January 5 and has finally shown a potential for reversal. This swing low formation could be the key in triggering a recovery rally for SAFEMOON.
SafeMoon price to pull a 180
SafeMoon price has crashed roughly 65% over the past 50 days, signaling a massive correction. This downswing seems to be forming a base as SAFEMOON set up a swing low at $0.00106 on February 24. Moreover, the following daily candlestick also closed on a positive note, further confirming a chance at an uptrend.
If buyers make a comeback, SafeMoon price is likely to restart its recovery with little-to-no resistance hindering its run-up. Therefore, investors can expect the altcoin to make a run at the daily supply zone, extending from $0.00165 to $0.00175.
This uptrend would constitute a 43% gain and is likely where the upside for SafeMoon price is capped. Although a move beyond this level is plausible, it cannot take place until SAFEMOON bulls produce a daily candlestick close above $0.00175 and make a breach of the subsequent resistance barrier at $0.00177.
In this highly bullish case, SafeMoon price can attempt to retest the $0.00193 resistance barrier, bringing the total ascent to 67%.
SAFEMOON/USDT 1-day chart
While things are looking on the fence for SafeMoon price, a potential spike in selling pressure could be fatal if it produces a swing low below $0.00106. Such a development would skew the odds in the bears’ favor and indicate that SafeMoon price could explore lower.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?