|

SafeMoon price kick-starts 25% upswing after retest of crucial support level

  • SafeMoon price experienced a 52% correction between October 30 and November 19.
  • This downswing pushed the altcoin into the buy zone, extending from $0.00000302 to $0.00000216.
  • A breakdown of the range low at $0.00000109 will invalidate the bullish thesis.

SafeMoon price saw an exponential upswing on September 29 and reached levels last seen after the all-time highs. As many investors began booking profits, SAFEMOON underwent a correction to a crucial zone that could kick-start a new leg-up.

SafeMoon price to make a comeback

SafeMoon price dropped 52% between October 30 and November 19 after a 445% upswing. The retracement pushed SAFEMOON from $0.00000615 to $0.00000301 and retested the 62% Fibonacci retracement level at $0.00000303. 

The buy zone, extending from $0.00000302 to $0.00000216, is where a reversal could occur. Therefore, the recent dip into this area will likely trigger a 25% leg-up to the immediate resistance barrier at $0.00000377.

So far, SafeMoon price has rallied 12% and is currently consolidating above the $0.00000303 level. Investors can expect SAFEMOON to rise another 16% to reach its intended target at $0.00000377.

If the market narrative remains bullish, SafeMoon price could extend its run-up from $0.00000377 to $0.00000470. This move would constitute a 54% surge in market value from $0.00000302.

SAFEMOON/USDT 1-day

SAFEMOON/USDT 1-day

Depending on how the big crypto reacts, SafeMoon price could reenter the $0.00000302 to $0.00000216 buy zone and retest the $0.00000259 barrier before it kick-starts its climb to $0.00000377.

However, a breakdown of the $0.00000109 support level will invalidate the bullish thesis for SafeMoon price.

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

XRP slides amid a fragile crypto market structure
Ripple (XRP) falls for the second straight day, trading at $1.37 on Thursday. The broader cryptocurrency market remains fragile as investors weigh the impact of geopolitical tensions in the Middle East, which triggered persistent increases in Crude Oil prices while restricting shipping through the Straight of Hormuz and the Red Sea.
Bitcoin Price Forecast: BTC pressured amid ETF outflows, fresh US-Iran risks
Bitcoin (BTC) remains under pressure, trading below $78,200 at the time of writing on Thursday after declining nearly 3% so far this week. Weakening institutional demand, along with escalating geopolitical tensions between the US and Iran near the Strait of Hormuz, continues to dampen risk appetite and weigh on the Crypto King. Institutional demand for Bitcoin shows early signs of caution.
Top Altcoins Price Forecast: Ripple, Solana, and Cardano risk deeper losses
Ripple (XRP), Solana (SOL), and Cardano (ADA) struggle to extend last month's advance, pointing to moderating buying pressure. The technical outlook for XRP, SOL, and ADA suggests a mild near-term bearish bias as momentum weakens. Ripple trades around $1.3800 at press time on Thursday, extending losses after a bearish close the previous day.
Crypto Today: Bitcoin, Ethereum and XRP lose bullish momentum as structural support holds
Cryptocurrency prices are moderating on Thursday, with Bitcoin (BTC) dropping to test the near-term $78,000 support. Altcoins, including Ethereum (ETH) and Ripple (XRP), are echoing Bitcoin’s cautious sentiment, with ETH retracing to approximately $2,470 and XRP to $1.38.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.