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
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
FXStreet
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.
