- SafeMoon price has been stuck moving sideways for roughly a week with no signs of a directional bias.
- A dip into the high probability reversal zone, extending from $0.000000965 to $0.00000118 will allow investors to accumulate SAFEMOON at a discount.
- A breakdown of the range low at $0.000000700 will invalidate the bullish thesis.
SafeMoon price has seen its recovery stop dead in its tracks as it has been stuck in a consolidation since December 13. The sideways movement will likely dip lower to stable support levels before heading higher. This brief retracement can be used by sidelined buyers to accumulate SAFEMOON.
SafeMoon price is a wild card
SafeMoon price dropped 70% on December 4, creating a swing low at $0.000000700 as the crypto markets collapsed. The recovery from this crash pushed SAFEMOON up by 179% to create a range high at $0.00000196.
SafeMoon price retraced another 28%, however, to set a swing low at $0.00000140, marking the start of a prolonged consolidation. Since December 13, SAFEMOON has shown no inclination to move higher or lower, indicating a lack of investor confidence.
As mentioned earlier, SafeMoon price could dip lower into a high probability reversal zone, ranging from $0.000000965 to $0.00000118. A retest of this area will allow buyers to gather the altcoin at a deep discount, triggering short-term bullish momentum. As a result, SafeMoon price could rally 66%, retesting the range high at $0.00000196.
SAFEMOON/USDT 4-hour chart
Investors need to note that the bullish thesis detailed revolves around the assumption that buyers will step in around the high probability reversal zone. If there is widespread panic in the crypto markets, however, the bullish momentum will lack the ability to propel SafeMoon prices higher.
In such a case, SafeMoon price will likely retest the range low at $0.000000700, a breakdown of which will invalidate the bullish thesis. This development will open the doors for bears to set up an all-time low.
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