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.

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.

Join Telegram