SafeMoon Price looks to rally 26% as it bounces off key support level
|- SafeMoon price is currently testing the demand barrier at $0.00000295.
- A potential surge in buying pressure will bounce SAFEMOON off the said level to $0.00000374.
- If the July 5 swing low at $0.00000272 is taken out, the bullish thesis will face invalidation.
SafeMoon price bounced off the $0.00000295 support floor on July 2 but failed to pull through, which led to a brief decline below it. A quick recovery above the same barrier indicates a show of strength, suggesting a further upswing is likely.
SafeMoon price aims for equal highs
SafeMoon price dropped roughly 16% from June 29 to bounce from the support level at $0.00000295. The resulting price action pushed SAFEMOON by 10% before experiencing a sell-off, which dragged the altcoin down by 15% to $0.00000271.
Despite the sudden crash, SafeMoon price recovered quickly above the pivotal support floor at $0.00000295 and is currently trading above it.
A potential spike in buying pressure could hold the key in propelling SAFEMOON to the immediate resistance level at $0.00000338.
If the bulls shatter this barrier and manage to stay above it, SafeMoon price will likely set up equal highs at $0.00000374. This move would represent a 26% ascent from the support at $0.00000295.
SAFEMOON/USDT 4-hour chart
While the upswing narrative seems likely, a breakdown of the critical foothold at $0.00000295 will signal weak buying pressure. As long as SAFEMOON recovers quickly, the equal highs scenario is still in play.
However, if SafeMoon price produces a decisive 4-hour candlestick close below $0.00000271, it will invalidate the bullish thesis, indicating that the sellers are in control.
Such a move might also trigger a 5% sell-off to the range low at $0.00000257.
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.