|

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

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

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

Hyperliquid Price Forecast: Downside risk looms as momentum stretches thin

Hyperliquid price is trading in the red on Monday, stalling after 10% gains last week. HYPE-focused Exchange Traded Funds recorded their fifth consecutive weekly inflows, projecting steady institutional demand. The technical outlook for HYPE warns of potential downside risk as bullish momentum stretches thin.

Cardano Price Forecast: Strengthening momentum points to cautious upside extension

Cardano trades around $0.222 on Monday after rallying over 15% last week. Mixed derivatives data and mildly bullish on-chain metrics point to cautious market sentiment. Meanwhile, strengthening momentum indicators suggest ADA could see further gains if the recovery continues.

Crypto Overview: Bitcoin faces sell wall at $82,850 – Jupiter, Zcash rally

Bitcoin price tumbles below $80,000 on Monday amid improved odds of a rate hike with the robust US employment data. Institutional demand holds firm with crypto-focused Exchange Traded Funds recording nearly $1.25 billion in inflows last week. Jupiter and Zcash extend gains over the last 24 hours, leading the broader crypto market rally.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC consolidates near recent highs, ETH and XRP defend key bullish supports
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) maintain a constructive outlook on Monday after gaining more than 3.4%, 4% and 4.8%, respectively, last week. BTC holds steady near $80,000 while ETH and XRP show resilience and defend key support zones. The price action of these top three cryptocurrencies suggests consolidation or a mild pullback before an upside move.
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.