SafeMoon price needs to rally 14% to kick-start an uptrend
- SafeMoon price dipped below the range low at $0.00000273, indicating an extended sell-off.
- Uptrend confirmation will arrive after SAFEMOON sets up a swing high above $0.00000295.
- A breakdown of the July 20 swing low at $0.00000216 will invalidate the potential bullish thesis.
SafeMoon price is currently attempting to push toward the range low in hopes of reclaiming it. If successful, the bulls need to set up a higher high to trigger an uptrend.
While not impossible, an ascent in the market value of SAFEMOON will likely face delays.
SafeMoon price embarks on an uphill battle
SafeMoon price has been on a downtrend since its May 26 swing high. Although there were multiple attempts to head higher, they were feeble and ended up as lower highs. The recent sell-off exacerbated the bearish outlook as it sliced through the range low at $0.00000273.
While the present situation for SAFEMOON might appear bearish, a swift recovery above the said level will alleviate the pain if not extinguish it.
However, if the buyers propel this altcoin to produce a decisive 12-hour candlestick close above the $0.00000295 resistance level, it will have set up a higher high, suggesting that the bulls mean business.
Such a move will open the path for buyers to catapult SafeMoon price to vital levels like $0.00000338 and $0.00000374, roughly 34% and 48% away from the current position – $0.00000252.
SAFEMOON/USDT 12-hour chart
While the bullish expectation seems logical, it will face severe headwinds if it fails to recover above $0.00000273 or set up a higher high above $0.00000295.
In such a case, a spike in selling pressure that pushes SafeMoon price to produce a decisive 12-hour candlestick close below the July 20 swing low at $0.00000216 will invalidate the bullish thesis.
If the bearish momentum persists, SAFEMOON price will retest the support level at $0.00000198.
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.
