|

SafeMoon Price Prediction: SAFEMOON hints at an 18% upswing

  • SafeMoon price has swept the support level at $0.00000344 as bulls hint at a comeback.
  • A decisive close above the said demand barrier will likely trigger an 18% upswing to $0.00000397.
  • Rejection at $0.00000344 will reignite the downtrend to the range low at $0.0000071.

SafeMoon price dropped below a crucial supply barrier as the markets tumbled on June 7. If the flagship cryptocurrency makes a comeback, investors can expect SafeMoon to follow suit.

SafeMoon price eyes a quick reversal

SafeMoon price was on the road to recovery when Bitcoin price took a fall. This sudden uptick in selling pressure pushed SAFEMOON from $0.00000398 to $0.00000315, a 20% crash. The downswing sliced through a crucial support barrier at $0.00000344. While the risk of further downside remains, SafeMoon price shows the possibility of a reversal.

For the bullish outlook to manifest, SAFEMOON should produce a decisive 4-hour candlestick close above $0.00000344. If such a move were to happen, the altcoin could eye a quick 17% upswing to tag the 50% Fibonacci retracement level at $0.00000397. 

In some cases, SafeMoon price could also sweep the highs to test the 100 four-hour Simple Moving Average (SMA) at $0.00000402, an 18% rally from $0.00000344.

In a bearish but less likely scenario, SAFEMOON price might drop to the range low at $0.00000271 before kick-starting an uptrend.

SAFEMOON/USDT 4-hour chart

SAFEMOON/USDT 4-hour chart

On the other hand, a breakdown followed by a retest of the swing low at $0.00000271 will invalidate the optimistic narrative. Such a bearish move would signal the start of a new downtrend and might even trigger a sell-off that could push SafeMoon price down by 25% to $0.00000202.

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

Shiba Inu Price Forecast: SHIB stalls as rising supply on exchanges warns of profit-taking

Shiba Inu stalls above $0.00000500 following two consecutive bullish months as upside momentum eases. Volatile investors' interest in the meme coin amid rising supply on exchanges warns of profit-taking despite consistent token burns.

Dogecoin Price Forecast: Whales accumulate as DOGE uptrend stalls below 200-day EMA

Dogecoin holds a modest bullish bias, trading above the key support zone around $0.090; however, it is capped below the 200-day Exponential Moving Average near $0.094. On-chain data shows certain whale wallets are accumulating DOGE tokens, while strengthening derivatives metrics support a rally ahead for the meme coin.

Ripple and Stellar outlook: Hold bullish bias above EMAs as derivatives back upside

Ripple and Stellar hold above the key support zones, hinting at an upside move. Derivatives metrics further support the recovery, with both altcoins showing positive funding rates and rising long positions. Derivatives data shows a bullish tilt among XRP and XLM traders.

Crypto Market Overview: Bitcoin steadies below $80,000 – INJ, AERO rally
Bitcoin (BTC) hovers around $79,000 on Tuesday, struggling to break above the sell wall between $80,000 and $82,850. The broader cryptocurrency market sentiment remains bullish, with the Fear and Greed Index showing a reading of 73. Injective (INJ) and Aerodrome Finance (AERO) post double-digit gains over the last 24 hours.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.