- SafeMoon price is attempting to slice through a resistance barrier at $0.00000338 for the second time.
- A rejection here is likely and will lead to a minor pullback that retests the support level at $0.00000295.
- If SAFEMOON breaks down the range low at $0.00000257, it will invalidate the bullish thesis.
SafeMoon price has climbed after a brutal sell-off that ended on June 22. The ascent has sliced through a critical resistance level but is struggling to breach the next barrier. Therefore, SAFEMOON is likely to pull back to the immediate support floor.
SafeMoon price corrects after a brief upswing
SafeMoon price is currently trying to slice through the resistance level at $0.00000338 after a recent failed attempt. Judging by the present state of the crypto market, the latest jab at flipping the ceiling is unlikely. Therefore, investors can expect SAFEMOON to pull back.
The immediate support barrier at $0.00000295 could harbor this correction and serve as a foothold for reversal.
A potential spike in buy pressure from investors scooping up the altcoin at a discount might trigger a rally that could propel SafeMoon price to take another jab at $0.00000338.
If the bulls push through this barrier and flip it into a support, the advance will likely continue to the subsequent ceiling at $0.00000374, a 26% climb from $0.00000295.
In a highly bullish case, SAFEMOON might even retest $0.00000412.
SAFEMOON/USDT 4-hour chart
On the flip side, if the selling pressure continues to build at $0.00000295, SAFEMOON might slice through it and tag the range low at $0.00000257. This move would put a dent in the upswing narrative.
However, a breakdown of $0.00000257 will invalidate the bullish thesis and might trigger a 23% sell-off to $0.00000198.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.