SafeMoon Price looks to rally 26% as it bounces off key support level

  • SafeMoon price is currently testing the demand barrier at $0.00000295.
  • A potential surge in buying pressure will bounce SAFEMOON off the said level to $0.00000374.
  • If the July 5 swing low at $0.00000272 is taken out, the bullish thesis will face invalidation.

SafeMoon price bounced off the $0.00000295 support floor on July 2 but failed to pull through, which led to a brief decline below it. A quick recovery above the same barrier indicates a show of strength, suggesting a further upswing is likely.

SafeMoon price aims for equal highs

SafeMoon price dropped roughly 16% from June 29 to bounce from the support level at $0.00000295. The resulting price action pushed SAFEMOON by 10% before experiencing a sell-off, which dragged the altcoin down by 15% to $0.00000271.

Despite the sudden crash, SafeMoon price recovered quickly above the pivotal support floor at $0.00000295 and is currently trading above it.

A potential spike in buying pressure could hold the key in propelling SAFEMOON to the immediate resistance level at $0.00000338.

If the bulls shatter this barrier and manage to stay above it, SafeMoon price will likely set up equal highs at $0.00000374. This move would represent a 26% ascent from the support at $0.00000295.

SAFEMOON/USDT 4-hour chart

SAFEMOON/USDT 4-hour chart

While the upswing narrative seems likely, a breakdown of the critical foothold at $0.00000295 will signal weak buying pressure. As long as SAFEMOON recovers quickly, the equal highs scenario is still in play.

However, if SafeMoon price produces a decisive 4-hour candlestick close below $0.00000271, it will invalidate the bullish thesis, indicating that the sellers are in control.

Such a move might also trigger a 5% sell-off to the range low at $0.00000257.

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