SafeMoon price rebounds but not out of the woods yet
|- SAFEMOON price rebounds from two-week lows.
- Symmetrical triangle breakdown on the 1D chart keeps the downside exposed.
- RSI recovers but still remains in the bearish region.
SafeMoon price is attempting a recovery from two-week lows of $0.000002769 on Saturday, as the bears catch a breather after two straight days of declines.
There is no encouraging news for SAFEMOON, as chart-driven price movements continue to lead the way amid a lackluster performance seen across the crypto market.
The meme-based coin is currently consolidating the recent downside around $0.0000028, shedding 4% on the week.
SAFEMOON/USD: Path of least resistance appears to the downside
SAFEMOON’s technical setup on the daily chart paints a bearish picture, despite the latest uptick.
The price confirmed a downside breakout from a symmetrical triangle on Friday, paving the way for deeper losses.
Therefore, SafeMoon bears remain poised to test the key support near $0.000002765, below which the $0.0000020 psychological level could be put at risk.
The Relative Strength Index (RSI) trades flattish while within the bearish territory, keeping the bearish undertone intact for SAFEMOON.
SAFEMOON/USD: Daily chart
Alternatively, if the buyers find acceptance above the triangle support-turned-resistance at $0.000002912, then the rebound could gain momentum towards the bearish 21-Daily Moving Average (DMA) at $0.000003022.
Further up, the triangle resistance at $0.000003131 could come into play, which if taken out on a daily closing basis would invalidate the bearish breakdown. Such a move may then call for a bullish reversal in the near term.
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