|

SafeMoon Price Prediction: SAFEMOON closes in on confirming its new uptrend

  • SafeMoon price formed a base at $0.00000344 and bounced off this level.
  • A decisive close above the 50% Fibonacci retracement level at $0.00000397 will confirm the start of a new uptrend.
  • If SAFEMOON breaks down the recent swing low at $0.00000319 formed on June 12, it will invalidate the upswing.

SafeMoon price has been on a steady range-bound move for almost 10 days. This consolidation occurred between a critical support and resistance level. However, the recent bounce produced a massive upswing that has created two critical barriers, signalling buyers’ strength.

SafeMoon price awaits confirmation of its uptrend

SafeMooon price surged roughly 11% as it bounced off the support level at $0.00000344 for the fourth time over the past 10 days. This sudden uptick in buying pressure propelled the altcoin to slice through the 50 four-hour and the 100 four-hour Simple Moving Averages (SMA).

While SafeMoon price has produced a decisive 4-hour close above the SMAs, it is yet to clear the 50% Fibonacci retracement level at $0.00000397.

If this were to happen, it would denote a shift in trend for SAFEMOON from bearish to bullish.

Moreover, a spike in buying pressure could propel SafeMoon price by another 13% to tag the resistance level at $0.00000450.

In case the bid orders continue to pile up, SafeMoon price could climb up to the range high at $0.00000522.

SAFEMOON/USDT 4-hour chart

SAFEMOON/USDT 4-hour chart

On the flip side, if SafeMoon price gets rejected at the 50% Fibonacci retracement level at $0.00000397, it would indicate that investors are booking profits or the selling pressure is too high.

Either way, this inability of buyers would send SAFEMOON price down by 13% to the support level at $0.00000344. 

However, a convincing close below the recent swing low at $0.00000319 set up on June 12 would invalidate the bullish outlook and kick-start a bearish downtrend.

Such a move might push SafeMoon price down by 14% to the range low at $0.00000271.

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

XRP defends $1.30 support as Ripple partners with Arf to bring RLUSD settlement liquidity to XRPL

Ripple holds near recently confirmed support at $1.30 on Friday, as bulls eye a short-term recovery toward $1.40. The remittance token’s upside remains capped by structural levels, suggesting recovery would depend on whether buyers can sustain momentum.

Bitcoin Weekly Forecast: BTC extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot ETFs recording $442.67 million in net inflows through Thursday.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

Pi Network holds modest gains as mixed technicals curb upside

Pi Network (PI) price is up 2% on Friday, showing signs of recovery while the broader cryptocurrency market faces near-term weakness. The crypto market sentiment eases to neutral from bullish amid rising long liquidations.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.

SafeMoon Price Prediction: SAFEMOON closes in on confirming its new uptrend