SafeMoon price forms a swing low, hints at recovery to $0.00165

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.