- SafeMoon price looks ready to retrace after rallying 232% in nine days.
- A successful bounce off the $0.00000377 support floor will likely trigger another 100% upswing for SAFEMOON.
- A decisive daily close below $0.00000377 will invalidate the bullish thesis.
SafeMoon price has seen tremendous run-up over the past two weeks as dog-theme coins continue to rally. SafeMoon price, albeit not a memecoin, has shown strength after months of a downtrend and hints at continuing this ascent.
SafeMoon price looks to launch again
SafeMoon price rose a whopping 461% between September 29 and October 29 and is currently undergoing a minor retracement. So far, SAFEMOON has corrected 25% and is hovering around the $0.00000470 support floor.
A breakdown of this level will knock SafeMoon price down to the next barrier at $0.00000377, where buyers could return, triggering a bull rally. Investors can expect SAFEMOON to consolidate between $0.00000377 and $0.00000470 and build steam for the next leg-up.
A successful start of this potential uptrend would be a breakout from the $0.00000558 resistance barrier. This move will set the stage for an upswing that will propel SafeMoon price to the following barriers at $0.00000774 and $0.00000915. A retest of the former barrier would represent a 104% gain from $0.00000377 whilst of the latter, a 140% climb..
Investors should pay close attention to SafeMoon price and how this retracement stabilizes, therefore.
SAFEMOON/USDT 1-day chart
While things are looking up for SafeMoon price, a breakdown of the $0.00000377 support floor, leading to a daily candlestick close below it, would indicate a shift in trend favoring bears. This move would also invalidate the bullish thesis and has the chance of triggering a further descent to the immediate support level at $0.00000310.
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