- SafeMoon price is currently testing the demand barrier at $0.00000295.
- A potential surge in buying pressure will bounce SAFEMOON off the said level to $0.00000374.
- If the July 5 swing low at $0.00000272 is taken out, the bullish thesis will face invalidation.
SafeMoon price bounced off the $0.00000295 support floor on July 2 but failed to pull through, which led to a brief decline below it. A quick recovery above the same barrier indicates a show of strength, suggesting a further upswing is likely.
SafeMoon price aims for equal highs
SafeMoon price dropped roughly 16% from June 29 to bounce from the support level at $0.00000295. The resulting price action pushed SAFEMOON by 10% before experiencing a sell-off, which dragged the altcoin down by 15% to $0.00000271.
Despite the sudden crash, SafeMoon price recovered quickly above the pivotal support floor at $0.00000295 and is currently trading above it.
A potential spike in buying pressure could hold the key in propelling SAFEMOON to the immediate resistance level at $0.00000338.
If the bulls shatter this barrier and manage to stay above it, SafeMoon price will likely set up equal highs at $0.00000374. This move would represent a 26% ascent from the support at $0.00000295.
SAFEMOON/USDT 4-hour chart
While the upswing narrative seems likely, a breakdown of the critical foothold at $0.00000295 will signal weak buying pressure. As long as SAFEMOON recovers quickly, the equal highs scenario is still in play.
However, if SafeMoon price produces a decisive 4-hour candlestick close below $0.00000271, it will invalidate the bullish thesis, indicating that the sellers are in control.
Such a move might also trigger a 5% sell-off to the range low at $0.00000257.
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