- SafeMoon price suffered a 63% fatal crash on December 4 and set up a swing low at $0.000000811.
- This downswing collected liquidity resting below $0.00000108 swing low, priming SAFEMOON for a 45% upswing to $0.00000228.
- A breakdown of the $0.000000617 support level will invalidate the bullish thesis.
SafeMoon price has failed to hold up as the market crashed on December 4. This downswing pushed the altcoin down below a crucial support floor and into an oversold territory, suggesting that a bullish outlook is around the corner.
SafeMoon price tries to recover
SafeMoon price crashed 63% on December 4 and sliced through the September 28 swing low at $0.00000104, collecting liquidity resting below it. The severe crash and the correction serve as a perfect combination to kick-start an upswing.
So far, SafeMoon price has rallied 103% to where it currently stands - $0.00000165. Going forward, investors can expect SAFEMOOON to continue recovering its losses and tag the immediate resistance level at $0.0000022. This run-up would constitute a 45% climb and indicate that the bulls are back.
In some cases, the climb could extend well beyond the said barrier, allowing SafeMoon price to revisit the $0.00000287 hurdle. In total, the advance from $0.00000165 to $0.00000287 would represent a whopping 80% gain.
Therefore, investors need to pay close attention to the SAFEMOON price action over the next few days as it could provide users with a huge opportunity to realize profits.
SAFEMOON/USDT 1-day chart
While things are looking up for SafeMoon price, the upswing could fail to sustain, knocking the altcoin back to $0.00000108. In this scenario, if the bearish momentum pushes SAFEMOON to produce a lower low below $0.000000617, it will invalidate the bullish thesis outlined above.
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
Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally
Polygon (MATIC) price action has been on treading nervously this week, with weekly earnings switching back and forth between profit and loss. It all comes down to trading this Friday to see if bulls can eke out a winning week.
How can traders squeeze in more gains as Shiba Inu price teases a 42% rally
Shiba Inu price positively reacted to the United States inflation report, forming a bullish candle on its daily chart. The second-largest meme coin brushed shoulders with $0.00001287 but pulled back to test support highlighted by the 100-day Simple Moving Average (SMA) at $0.00001170.
CRO price sees bulls using their last ammunition to attack $0.16
Crypto.com Coin (CRO) price action is looking to execute a bullish breakout above $0.16. Ignorant bulls will try to be part of that rally, but that could prove a big mistake as a few risks need to be taken into account to be sure that this rally still has legs.
Solana traders’ focus on $58 as the rally starts to slow down
Solana (SOL) price action is set to close out the week with a mere 7% gain depending on where it ends Friday evening after the US closing bell. Overall it has been a good trading week from a fundamental perspective and technicals in a supporting role.
Bitcoin: If bulls lose control here, BTC could revisit $21,000
Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection, its technicals support a bearish outlook for the leading crypto.