SafeMoon Price Prediction: SAFEMOON ponders 15% decline to sweep range lows
- SafeMoon price has been in a massive consolidation close to the range low at $0.00000257 for more than a month.
- Due to a recent rejection at $0.00000338, SAFEMOON has dropped 13% to $0.00000295.
- The inability of the buyers to make a higher high might lead to a 15% downswing to $0.00000257.
SafeMoon price took a massive tumble after May 21, which set the trading range for the future. Since this massive drop, SAFEMOON has been trading extremely close to the lower boundary. On June 22, the altcoin created a new range low, which might be tested again.
SafeMoon price might set lower low
SafeMoon price set up a new range low at $0.00000257 on June 22 and rallied roughly 34% to slice through the resistance level at $0.00000338. However, this climb was ephemeral, which led to a 16% downswing to the support barrier at $0.00000295.
Although SafeMoon price is currently trading above the said demand floor, a lack of bullish momentum could likely shatter this area and push SAFEMOON down to the range low at $0.00000257, representing a 15% crash.
Depending on the resulting selling pressure and the potential buying pressure, there is a chance an upswing might originate here. However, in a highly bearish condition, investors can expect the bears to slice through $0.00000257 and tag the next support barrier at $0.00000197.
SAFEMOON/USDT 4-hour chart
On the flip side, if SafeMoon price bounces off the support level at $0.00000295, it might tag the resistance level at $0.00000338. While it is likely, SAFEMOON might sweep this barrier temporarily, a bounce from it will open the possibility of a further uptrend, thus invalidating the bearish outlook.
In such a case, SafeMoon price might rally 10% to $0.00000374.
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.
