- SafeMoon price shows restraint in its pullback as it arrives at $0.00118.
- A reversal around this level seems likely to trigger a 40% ascent to retest the $0.00165 to $0.00175 supply zone.
- A daily candlestick close below $0.00106 will create a lower low and invalidate the bullish thesis.
SafeMoon price seems to have run out of luck as it has been on a steep downtrend with no bullish reaction in sight. However, the recent run-up seems to have breathed a sigh of relief and hints that a minor rally to the immediate barrier is likely.
SafeMoon price takes another jab
SafeMoon price rallied 30% after setting up a local bottom at $0.00106. This run-up produced a swing high at $0.00137 but failed to maintain its momentum, resulting in a 14% retracement to where SAFEMOON currently trades - $0.00118.
As a result of the pullback, SafeMoon price is currently consolidating, hinting at a volatile move in the near future. A successful accumulation could see the altcoin spike to the immediate supply zone, extending from $0.00165 to $0.00175.
This move would constitute a 40% ascent from the current position and is likely where the upside for SafeMoon price is capped. However, in a highly bullish case, a daily candlestick close above $0.00175 will invalidate this blockade. Such price action will indicate that the rally is likely to extend to the next hurdle at $0.00175.
SAFEMOON/USDT 1-day chart
On other hand, if SafeMoon price fails to recover from the pullback, it will indicate that the bulls are unable to make do. In such a case, SAFEMOON will revisit the swing low at $0.00106. Here, buyers have another chance at recovery; failure here will lead to invalidation of the bullish thesis if SafeMoon price produces a daily candlestick close below $0.00106.
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.