- SafeMoon price is trading close to the lower range at $0.00000257 since June 22.
- Although a clear directional bias is absent, if the bulls shatter $0.00000338, a bullish trend will be established.
- On the other hand, a breakdown of the support level at $0.00000257 could trigger a 23% downswing to $0.00000198.
SafeMoon price seems to have lost its charm after setting up a swing low on June 22. Since this point, SAFEMOON has continued to trade close to the lower range. A breakdown of this barrier might confirm the start of a downtrend.
SafeMoon price lacks clear bias
SafeMoon price has been consolidating near the range low at $0.00000257 for roughly three weeks. The support level at $0.00000271 is being tested for the third time over the past eight days. While a breakdown of this level is possible, investors should not disregard a potential surge in buying pressure that kick-starts an uptrend.
Despite having no clear directional bias, market participants can expect a sweep of the range low at $0.00000257 followed by a 30% ascent that slices through $0.00000273 and $0.00000295 resistance ceilings and tags $0.00000338.
A decisive 4-hour candlestick close above this barrier will set up a higher high and confirm the start of a new rally. In that case, SAFEMOON could extend another 25% to tag $0.00000374.
SAFEMOON/USDT 4-hour chart
While the upswing narrative detailed above seems plausible, investors need to note that a breakdown of the range low will invalidate it. A decisive 4-hour candlestick close below $0.00000257 will indicate increased selling pressure.
The inability of the buyers to reclaim the said barrier could trigger a 23% downswing to the $0.00000198 support level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple's XRP crosses $100 billion market cap following high expectations for its stablecoin and ETF approvals
Ripple's XRP rallied near the $2 mark on Friday after rumors of New York regulators approving the company's RLUSD stablecoin surfaced. The growing demand for an XRP exchange-traded fund could also accelerate its launch in 2025.
Ethereum Price Forecast: ETH eyes yearly high resistance of $4,093 amid heightened interest among US traders
Ethereum is trading near the $3,600 level on Friday and could stage a rally to test its yearly high resistance of $4,093. The rally is fueled by ETH Chicago Mercantile Exchange open interest growth and a rise in USDT supply on the Main chain.
Cardano's ADA, JTO, NEON lead $570 million unlock week ahead of massive $3 billion in further December unlocks
Tokenomist data on Friday revealed that the crypto market will witness another week of heavy cliff unlocks worth over $570 million as part of the larger $3.5 billion December supply injection.
Stellar Price Forecast: Eyes for further gains as bounces off support level and bullish on-chain metrics
Stellar experienced a pullback in the first half of the week but recovered in the second half and is trading around $0.54 on Friday, after rallying more than 170% and reaching levels not seen in over three years in the previous week.
Bitcoin: A healthy correction
Bitcoin (BTC) experienced a 7% correction earlier in the week, dropping to $90,791 on Tuesday before recovering to $97,000 by Friday. On-chain data suggests a modest rebound in institutional demand, with holders buying the dip. A recent report indicates BTC remains undervalued, projecting a potential rally toward $146K.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.