SafeMoon Price Prediction: SAFEMOON attempts to take out key swing high
- SafeMoon price showed a consolidation over the past five days with minor variations.
- Despite the lack of volatility, SAFEMOON looks ready to surge higher.
- A decisive close below $0.00000344 will invalidate this upswing and trigger a downtrend.
SafeMoon price has managed to stay above a crucial support barrier after days of grappling with it. A bounce from this floor could propel SAFEMOON to a pivotal supply zone, breaching the area which could be the key to massive gains.
SafeMoon price takes the third jab at a crucial barrier
SafeMoon price has been trading around the 50% Fibonacci retracement level at $0.00000399 for almost a week. The bulls have managed to keep SAFEMOON above it, hinting at a bullish bias. Supporting this optimistic outlook is the recent rally attempt, which took off but failed to sustain as investors rushed to book profits.
With Bitcoin showing signs of recovery and the crypto market following it, there’s a high chance SafeMoon price does the same. Moreover, SAFEMOON has already rallied 10% and eyes to continue this climb. Another quick 13% upswing could push SAFEMOON to tag the lower limit of a supply zone, ranging from $0.00000490 to $0.00000523.
If the buying pressure persists and the bulls produce a decisive 4-hour candlestick close above $0.00000523, it would indicate the start of a new uptrend.
In that case, SafeMoon price might ascend 9% to tag the 200 four-hour Simple Moving Average (SMA) at $0.00000571. Following this, if the bid orders keep pouring in, the altcoin might continue this rally to the 161.8% Fibonacci extension level at $0.00000679.
SAFEMOON/USDT 4-hour chart
On the other hand, if the support level at $0.00000399 breaks down, it would reveal that sellers are in control. Such a development would suggest a bearish bias and invoke a 13% crash to $0.00000344.
Breaching this support level will invalidate the bullish thesis and trigger a 20% descent to $0.00000273.
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.
