• SafeMoon price is retracing after a 180% ascent between December 4 and December 9.
  • The correction will likely extend another 20%, providing a ‘buy’ opportunity before SAFEMOON rallies 65% to $0.00000196.
  • A breakdown of the range low at $0.000007 will invalidate the bullish thesis.

SafeMoon price more than doubled after the December 4 crash. The altcoin’s bullish move is currently undergoing a pullback, though bulls are expected to trigger a second leg-up in SAFEMOON.

SafeMoon price eyes a higher high

SafeMoon price set up a swing low at $0.00000070 after the December 4 crash. This downtrend underwent a u-turn and rallied 180% to set up a trading range and a swing high at $0.00000133. Since then, SAFEMOON has declined 25% to where it currently trades - $0.00000149. 

Going forward, investors can expect the altcoin to see a further drop to the 62% retracement level at $0.00000118. A retest of this barrier is likely to see a surge in bullish momentum, triggering a new leg-up.

The same can be said for the 70.5% and 79% retracement levels at $0.00000107 and $0.000000966, respectively. A bounce off of these levels is likely to kick-start a new uptrend.

The resulting rally is likely to retest the range high at $0.00000196, indicating a 65% ascent. In some cases, SafeMoon price could briefly rise above this level to collect liquidity.

SAFEMOON/USDT 4-hour chart

SAFEMOON/USDT 4-hour chart

If SafeMoon price fails to hold above $0.000000966, however, it will indicate a lack of buying pressure and increased selling activity. In such a case, SAFEMOON could revisit the range low at $0.0000007, where the bulls may try to mount a comeback.

The posting of a swing low below this barrier, however, will invalidate the bullish thesis outlined above and suggest a further descent is likely.

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