SafeMoon price forms a swing low, hints at recovery to $0.00165
|- SafeMoon price has set up a swing low at $0.00106, signaling a potential for reversal.
- A resurgence of buying pressure could see SAFEMOON climb higher to retest the $0.00165 to $0.00175 supply zone.
- A lower low below $0.00106 would invalidate the bullish thesis.
SafeMoon price has been in a correction phase since January 5 and has finally shown a potential for reversal. This swing low formation could be the key in triggering a recovery rally for SAFEMOON.
SafeMoon price to pull a 180
SafeMoon price has crashed roughly 65% over the past 50 days, signaling a massive correction. This downswing seems to be forming a base as SAFEMOON set up a swing low at $0.00106 on February 24. Moreover, the following daily candlestick also closed on a positive note, further confirming a chance at an uptrend.
If buyers make a comeback, SafeMoon price is likely to restart its recovery with little-to-no resistance hindering its run-up. Therefore, investors can expect the altcoin to make a run at the daily supply zone, extending from $0.00165 to $0.00175.
This uptrend would constitute a 43% gain and is likely where the upside for SafeMoon price is capped. Although a move beyond this level is plausible, it cannot take place until SAFEMOON bulls produce a daily candlestick close above $0.00175 and make a breach of the subsequent resistance barrier at $0.00177.
In this highly bullish case, SafeMoon price can attempt to retest the $0.00193 resistance barrier, bringing the total ascent to 67%.
SAFEMOON/USDT 1-day chart
While things are looking on the fence for SafeMoon price, a potential spike in selling pressure could be fatal if it produces a swing low below $0.00106. Such a development would skew the odds in the bears’ favor and indicate that SafeMoon price could explore lower.
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