SafeMoon price forms a swing low, hints at recovery to $0.00165

SafeMoon price has set up a swing low at $0.00106, signaling a potential for reversal.
A resurgence of buying pressure could see SAFEMOON climb higher to retest the $0.00165 to $0.00175 supply zone.
A lower low below $0.00106 would invalidate the bullish thesis.

SafeMoon price has been in a correction phase since January 5 and has finally shown a potential for reversal. This swing low formation could be the key in triggering a recovery rally for SAFEMOON.

SafeMoon price to pull a 180

SafeMoon price has crashed roughly 65% over the past 50 days, signaling a massive correction. This downswing seems to be forming a base as SAFEMOON set up a swing low at $0.00106 on February 24. Moreover, the following daily candlestick also closed on a positive note, further confirming a chance at an uptrend.

If buyers make a comeback, SafeMoon price is likely to restart its recovery with little-to-no resistance hindering its run-up. Therefore, investors can expect the altcoin to make a run at the daily supply zone, extending from $0.00165 to $0.00175.

This uptrend would constitute a 43% gain and is likely where the upside for SafeMoon price is capped. Although a move beyond this level is plausible, it cannot take place until SAFEMOON bulls produce a daily candlestick close above $0.00175 and make a breach of the subsequent resistance barrier at $0.00177.

In this highly bullish case, SafeMoon price can attempt to retest the $0.00193 resistance barrier, bringing the total ascent to 67%.

SAFEMOON/USDT 1-day chart

While things are looking on the fence for SafeMoon price, a potential spike in selling pressure could be fatal if it produces a swing low below $0.00106. Such a development would skew the odds in the bears’ favor and indicate that SafeMoon price could explore lower.

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.