SafeMoon Price Prediction: SAFEMOON has one last chance for 65% rally
- SafeMoon price is currently hovering above the $0.00000157 support level.
- A breakdown of $0.00000157 could lead to a 40% descent.
- However, a retest of $0.00000157 might open the possibility of a 65% ascent to $0.00000316.
SafeMoon price experienced a massive sell-off that has pushed it to slice through major support levels, jeopardizing its ability to move higher. Despite this, SAFEMOON currently sits above the last line of defense. A bounce from this area could result in a comeback.
SafeMoon price at wits' end
SafeMoon price has dropped 45% since June 29 and has sliced through the $0.00000316 and $0.00000264 support floors. As SAFEMOON hovers above $0.00000157, there is a high chance this level will face a retest before a directional bias establishes.
An upswing is likely to originate after a retest of $0.00000157. The first resistance level at $0.00000264 is roughly 37% away from the current position.
If the buying pressure continues to persist after breaching through the ceiling mentioned above, there is a high probability that the uptrend will continue. In such a case, SafeMoon price will likely tag the resistance level at $0.00000316. This ascent represents a 65% climb in total.
SAFEMOON/USDT 12-hour chart
While the upswing narrative seems reasonable, a delayed upswing or a consolidation around $0.00000157 will indicate the weakness among bulls. This development could lead to an increased selling pressure that shatters the crucial demand barrier mentioned above.
An inability of the buyers to reclaim $0.00000157 will invalidate the bullish thesis and lead to a 40% crash to $0.00000094.
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.
