- SafeMoon price is traversing a potential ascending parallel channel.
- A bounce off the lower boundary of this setup could lead to a 68% ascent.
- If SAFEMOON creates a lower low below $0.00000156, it will invalidate the bullish thesis.
SafeMoon price appears to be building steam as it prepares for a quick upswing. A resurgence of buying pressure could trigger this run-up and propel it to set up a higher.
SafeMoon price reversal is on its way
SafeMoon price dropped roughly 31% after setting up the second swing high at $0.00000330 on August 28. However, the inability of buyers to sustain this climb led to a drop that breached immediate support levels, creating a second swing low.
Drawing trend lines joining the swing points shows the formation of a potential ascending channel.
Now, SAFEMOON price is bouncing off the lower trend line of the technical setup at $0.00000212. A resurgence of buying pressure will kick-start a new uptrend. However, SafeMoon price needs to breach the $0.00000264 and $0.00000316 to set up a higher high.
If the bulls make this swing high happen, another 25% ascent is likely around the corner that retests $0.00000394.
Such a move will tag the upper trend line and create a third higher high.
SAFEMOON/USDT 1-day chart
While an upswing around the $0.00000212 support floors seems likely, investors need to be aware of an increased selling pressure that breaches it. If this move occurs, it will indicate that the bullish momentum is far lower and is likely to trigger a retracement.
The support floor at $0.00000189 will be the immediate shelter where bulls can give a shot at an uptrend.
However, a decisive close below $0.00000153 will invalidate the bullish thesis and, in some cases, catalyze further crashes.
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.