SafeMoon price looks ready to double as buyers show strength
- SafeMoon price has been on a retracement after tripling in the second half of October.
- The correction has found stable support floors, suggesting that another 104% upswing is on its way.
- A breakdown of the $0.00000310 foothold will invalidate the bullish thesis for SAFEMOON.
SafeMoon price looks ready to kick-start another upswing after five days of correction. SAFEMOON is currently hovering between two crucial barriers, and an upswing is likely to begin here.
SafeMoon price ready to launch
SafeMoon price rose roughly 240% between October 20 and October 29, pushing SAFEMOON from $0.00000185 to $0.00000615. While this rally was impressive, investors continued to book profit for the next five days, allowing SAFEMOON to shed 34% of its market value.
Currently, SafeMoon price is hovering between $0.00000377 and $0.00000470 and is the best place for the altcoin to kick-start an upswing. The resulting bull rally should, however, slice through the $0.00000558 resistance level to make a 65% run at the first target at $0.00000774. Breaching this barrier will likely push SafeMoon price to the next one at $0.00000951, constituting a 100% climb from $0.00000453,
In some cases, SafeMoon price could also extend this leg-up to the all-time high at $0.00000966.
SAFEMOON/USDT 1-day
On the other hand, if SafeMoon price fails to hold above the $0.00000377 support floor, it is likely to revisit the next barrier at $0.00000310. If the sellers push SAFEMOON to produce a daily close below it, it will invalidate the bullish thesis.
This move could also trigger a 50% descent to the next support level at $0.00000151, where the altcoin will try to make another comeback. However, this is unlikely as SafeMoon price is undoing its downtrend.
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.
