SafeMoon Price Forecast: SAFEMOON continues its descent with minor upswings

SafeMoon price tried restarting the upswing as it bounced on May 23. However, this attempt was a failure as sellers pushed SAFEMOON lower.

The buyers will face a test around a critical resistance level, which will decide the direction for SafeMoon price for the upcoming weeks.

SafeMoon price lacks conviction

SafeMoon price has declined roughly 60% between May 21 and May 23 to create a swing low at $0.00000271. The recent rally that originated from the said level pushed SAFEMOON to $0.00000523, which is the range high.

Since this impulse wave, SafeMoon price has remained contained within the range. After a brief sideways movement around the 50% Fibonacci retracement level at $0.00000397, SAFEMOON dropped below it.

Now, a rejection at $0.00000397 or the 100 four-hour Simple Moving Average (SMA) at $0.00000417 will confirm the presence of sellers.

In that case, SafeMoon price is open to a 34% decline to retest the range low at $0.00000271.

SAFEMOON/USDT 4-hour chart

On the other hand, if the buyers manage to produce a decisive close above the 100 four-hour SMA at $0.00000417, it will increase the chances of an upswing.

A new swing high above $0.00000456 will invalidate the bearish thesis detailed above and might kick-start an upswing to the range high at $0.000008523.

Under extremely bullish circumstances, SAFEMOON might make a run toward the 200 four-hour SMA at $0.00000569.