|

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

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

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

Crypto Today: Bitcoin, Ethereum, XRP trade under sustained selling pressure despite mild ETF inflows

Cryptocurrency prices remain under pressure as a risk-off mood persists on Friday, with Bitcoin consolidating its losses above $62,000. Altcoins, including Ethereum and Ripple, are extending their weakness, trading near lower support levels around $1,600 and $1.12, respectively.

Bitcoin Weekly Forecast: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit. A reactionary spike in on-chain activity and social chatter, reflecting a strength of community, but fails to absorb the price decline.

Arthur Hayes' “Holy Trinity” is dead: Exits Zcash after Orchard Pool exploit

Arthur Hayes dumped his entire Zcash holdings on Friday, a day after selling his HYPE and NEAR holdings. Zcash is down 13% so far on Friday, extending the 26% drop from the previous day.

Bitcoin: After the bloodbath, everyone looks at $60,000
Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.