SafeMoon price may retrace 25% as bulls fail to establish dominance

SafeMoon price surged roughly 145% over the past five days.
This rally failed to produce a higher high above the previous swing point at $0.00000890, signaling weak bullish momentum.
SAFEMOON is likely to correct 25% to the demand zone, extending from $0.00000543 to $0.0000075.

SafeMoon price shows a massive rally that pushed it to the recent local top. However, the inability of the buyers to propel it past this crucial level might lead to a pullback.

SafeMoon price calms down before heading lower

The 4-hour chart shows SafeMoon price is hovering around $0.00000784 after setting up a lower low at $0.00000876. Hence, any short-term upswing will allow the buyers to tag the recent local top, but anything beyond that seems unlikely.

Therefore, investors can expect this altcoin to slide toward the 50% Fibonacci retracement level at $0.00000625. Breaching this floor will push SafeMoon price toward the demand zone, extending from $0.00000543 to $0.0000075. In total, this downward move would constitute a 25% pullback.

Interestingly, this support area has the 50 four-hour Simple Moving Average (SMA) at $0.00000564, which promotes the likelihood of an upswing.

If this rally produces a decisive 4-hour candlestick close above $0.00000890, it will signal a resurgence of buyers.

In such a case, SAFEMOON could rally 36% to tag the 161.8% Fibonacci extension level at $0.0000121.

SAFEMOON/USD 4-hour chart

A breakdown of $0.00000543 support floor will signal the invalidation of an upswing. Under these circumstances, SafeMoon price might crash 30% toward the 200 four-hour SMA at $0.00000359.

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.