SafeMoon price flips the narrative, eyes 22% upswing

SafeMoon price sets a base after a massive downswing, hinting at a trend reversal.
A resurgence of buying pressure will likely continue this uptrend by another 22%.
A breakdown of the February 24 swing low at $0.00106 will invalidate the bullish thesis.

SafeMoon price set a swing high on January 5 and has been on a downtrend ever since. Recently, the altcoin set a pivot point on February 24, resulting in a trend reversal and a minor uptrend.

SafeMoon price revives bulls

SafeMoon price dropped roughly 65% in 50 days and set a swing low at $0.00106 on February 24. This level served a turning point, allowing bulls to take control. Since then, SAFEMOON has rallied 30% and is currently hovering around $0.00133.

If bid orders continue to pileup, there is a good chance this uptrend will continue. In another case, there might a consolidation around the current position before SafeMoon price establishes a directaional bias.

Regardless, a continuation of the bull rally seems plausible considering the massive drawdown since January 5. Therefore, investors can expect SafeMoon price to rally another 22% and retest the $0.00165 to $0.00174 supply zone’s lower limit.

This development will be a place for SAFEMOON to form a local top and is where the upside is limited. A move beyond this barrier will require a surge in buying pressure and will occur only after a consolidation.

SAFEMOON/USDT 4-hour chart

While things are looking up for SafeMoon price due to the recent swing low on February 24, a failure to continue this trend could spell disaster for the altcoin. A pivot here will weaken the already sad state of buyers and knock SAFEMOON down to $0.00106 level.

While buyers have a chance to attempt another leg-up, a breakdown of this barrier will create a lower low, invalidating the bullish thesis for SafeMoon price.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.