• SafeMoon price is currently approaching a stable support level at $0.00000124.
  • A successful bounce off this barrier will create a double bottom and potentially propel SAFEMOON by 50%.
  • A breakdown of the $0.00000124 barrier will invalidate the bullish thesis.

SafeMoon price has been on a downswing for roughly two weeks, but this downswing has pushed it close to a stable demand barrier. Assuming the bulls make a comeback, investors can expect a new uptrend to originate here.

SafeMoon price awaits resurgence of buyers

SafeMoon price has shed nearly 60% of its value over the past two weeks. Moreover, SAFEMOON does not seem to be having a good time since the May 19 crash. Regardless, there have been attempts to change this bearish outlook, but none of them have succeeded so far. 

As SafeMoon price approaches the $0.00000124 support level, investors can be optimistic again as a new uptrend could originate here. 

On August 16, SafeMoon price set up a swing low at $0.00000124, and the current downtrend is likely to do the same. A resurgence of buying pressure around this barrier is expected to trigger a new ascent.

Market participants can expect this new and potential rally to slice through the immediate resistance barrier at $0.00000152 and make a run at the next supply level at $0.00000189. This run-up from $0.00000124 to $0.00000189 would constitute a 50% ascent.

In a highly bullish case, SAFEMOON could tag $0.00000212, extending the gains to 70%.

SAFEMOON/USDT 4-hour chart

SAFEMOON/USDT 4-hour chart

While the optimistic scenario depends on the assumption that the bulls make a comeback around $0.00000124, a failure to do so will exacerbate the downswing. A decisive close below this support barrier will create a lower low and invalidate the bullish thesis.

In this case, investors can expect SafeMoon price to tag the immediate support level at $0.00000094.

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Fresh lows for crypto markets in sight as recovery gains come undone

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Fresh lows for crypto markets in sight as recovery gains come undone

Bitcoin price faced an intense sell-off as it approached the recent weekly open, indicating that investors are looking to book profits. This downswing has caused Ethereum, Ripple and other altcoins to take a dip as well.

More Bitcoin News

This technical formation could push TRON’s TRX price to $0.016

This technical formation could push TRON’s TRX price to $0.016

TRON price shows that its coil up is coming to an end, suggesting that a breakout is on its way. However, investors need to know that rejection at immediate resistance barriers could trigger a correction and an eventual breakdown.

More Tron News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Three obstacles that may prevent XRP price from surging

Three obstacles that may prevent XRP price from surging

A brief technical and on-chain analysis on Ripple price. Here, FXStreet's analysts evaluate where XRP could be heading next.

More Ripple News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP