- SafeMoon price has retraced 11% after a rejection from a resistance level at $0.00000338.
- A retest of the range low at $0.00000257 seems plausible before a 26% upswing emerges.
- If SAFEMOON slices through the range low and fails to reclaim it, the bullish thesis will face invalidation.
SafeMoon price has seen two attempts over the past week to climb past a critical resistance barrier. The failure of the most recent try has led to a downswing to a stable support barrier. SAFEMOON could either bounce here and head higher or slice through it to retest the range low.
SafeMoon price eyes higher high
SafeMoon price tested the range low on June 22 after a 30% crash. Since then, SAFEMOON has tried to slice through the resistance level at $0.00000338 twice but failed.
The rejection on June 30 has led to an 11% sell-off, pushing SafeMoon price to a demand barrier at $0.00000295.
If the buyers come to the rescue, investors can expect the resulting bullish momentum to shatter the immediate resistance level at $0.000000338 and tag $0.00000374, a 26% upswing.
However, in case of increased selling pressure at the said support, this might lead to a further decline that causes SAFEMOON to retest the range low at $0.00000257. This move does not invalidate the optimism around the altcoin or the intended target at $0.00000374 as long as a quick reversal occurs.
SAFEMOON/USDT 4-hour chart
However, if the sellers band together to shatter the range low at $0.00000257, things will start to go awry for SafeMoon price. If the bulls do not act quickly and recover SAFEMOON price, it will invalidate the potential 26% upswing narrative explained above.
In such a case, SafeMoon price might crash 23% to tag the support level at $0.00000198.
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