fxs_header_sponsor_anchor

SafeMoon price fails to flip this crucial barrier, 15% retracement likely

  • SafeMoon price rallied 48% over the past 48 hours, breaking out of the falling wedge pattern.
  • SAFEMOON is currently grappling with the $0.00000159 resistance level.
  • A failure to hold above $0.00000130 will indicate an onslaught of bears.

SafeMoon price saw a massive buying pressure that pushed it to retest a stiff resistance level. However, the bulls fell short and failed to flip this barrier into a support floor. This failure has led to a scenario where SAFEMOON is contemplating a minor retracement.

SafeMoon price at a decisive point

SafeMoon price saw a 30% daily candlestick on September 21 and was followed by two more, which, in total, returned 48% in under three days. While this move was impressive, it failed to flip the $0.00000156 resistance level into the support floor.

From the looks of it, SAFEMOON is losing momentum as Bitcoin cools off and might lead to a 15% retracement to the immediate support floor at $0.00000130.

Here the bulls can make a comeback but failing to band together will likely result in a further descent to $0.00000110.

SAFEMOON/USDT 1-day chart

Although a 15% retracement in SafeMoon price is likely, it does not invalidate the bullish thesis. As mentioned above, the buyers can make a comeback around $0.00000130. A resurgence of buying pressure will likely push SAFEMOON to slice through $0.00000158, invalidating the bearish thesis.

Such a development will likely push SafeMoon price to rally to the next barrier at $0.00000182. This move would constitute a 40% ascent, which is not outside the realm of possibility. In some cases, the altcoin could extend and retest the following ceiling at $0.00000188.

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.