SafeMoon price rethinks directional bias as it fails to establish a higher high
|- SafeMoon price is stuck consolidating in a tight range, extending from $0.0196 to $0.0017.
- The recent uptrend failed to set up a higher high above $0.0192, suggesting a lack of momentum.
- A retracement to the $0.0180 support level seems likely for SAFEMOON bulls.
SafeMoon price has failed to react to the recent bullishness of the market and is stuck in consolidation as a result. The return witnessed by SAFEMOON over the past week is underwhelming when compared to other altcoins.
SafeMoon price at a tipping point
SafeMoon price has rallied roughly 9% over the last four days, indicating a lack of bullish momentum amid the broader market's upward move. Despite the efforts, SAFEMOON failed to set up a higher high above the February 1 swing high at $0.0192.
This swing high paints a bearish picture and suggests that SafeMoon price could be due for a retracement. The pullback that originates here is likely to retest the immediate support level at $0.00184 and $0.00180.
If the selling pressure continues to build up, there is a good chance SafeMoon price will retest the February 3 swing low at $0.00176. Here, buyers can band together and form a base, setting up a double bottom and potentially kick-starting a new leg-up.
SAFEMOON/USDT 4-hour chart
While things are looking non-volatile for SafeMoon price, a potential surge in buying pressure that pushes SAFEMOON to produce a four-hour candlestick close above $0.0196 will create a higher high and invalidate the bearish thesis.
This development could see SafeMoon price retest the four-hour supply zone, extending from $0.0200 to $0.0203.
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.