SafeMoon price is getting ready to jump toward $0.00000353
- SafeMoon price has not been able to recover in the global recovery spree yesterday in cryptocurrencies.
- Technically, price action does not look appealing, but there might be sparks of life.
- SAFEMOON is trying to bounce off a trend line today.
SafeMoon price has had a rough couple of days, which did not look like it would come to an end soon with the global price action muted. But today, the tide seems to have turned in favor of SAFEMOON.
SafeMoon price could see upside potential in the coming weeks
SafeMoon looked ready yesterday for a lower break to retest the lower band of $0.00000258. But instead of that, it got an excellent technical signal called an inverted hammer.
We see a very flat bottom in the candle with no wick to the downside, followed by a long wick to the upside.
SafeMoon price here is getting pushed to the downside, but buyers took over the volume. The candle formation for today looks to confirm that technical setup. Not only does SafeMoon have a green candle, but it looks ready for much more upside as well.
It will be key today to see if SafeMoon price can pair losses from yesterday.
If SAFEMOON price can close above there, the road is free for further upside. The profit level would be $0.00000353 – the first line in the sand as a significant barrier.
SAFEMOON/USD daily chart
A close above the high from yesterday will be critical to see if this bounce has enough fuel to push SAFEMOON price higher and set up for a rally higher. Expect a smooth run toward $0.00000353, where price action will stall with sellers looking for an entry to short.
In case the tailwind in cryptocurrencies should be short-lived, expect SafeMoon price to dip back to the downside with a test of $0.0000258.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
