SafeMoon Price Prediction: SAFEMOON gives bull rally another try

SafeMoon price reentered its range that extends from $0.00000356 to $0.00000890 after creating a swing high.
The 50 four-hour SMA at $0.00000792 supported SAFEMOON’s recent upswing.
A breakdown of the 50% Fibonacci retracement level at $0.00000623 will invalidate the bullish thesis.

SafeMoon price remained unaffected during the Tesla-induced crash on Wednesday and continued to trade sideways. At the time of writing, SAFEMOON seems to have dipped back into its range and taken a jab at heading higher.

SafeMoon price needs a stable foothold to skyrocket

SafeMoon price is moving in lockstep but stuck between $0.00000356 to $0.00000890. However, on May 11, it explored out of this zone but failed to sustain this upswing. As a result, SAFEMOON quickly slid under $0.00000356 and is trading within this range.

The 50 four-hour Simple Moving Average (SMA) at $0.00000792 supported the falling prices. Over the last couple of hours, the altcoin has reacted nicely from the SMA mentioned above and surged nearly 11%, taking another jab at a bull rally.

As the majority of the cryptocurrency market rebounds, it is likely that SAFEMOON will also venture out from the upper range. A decisive 4-hour candlestick close above $0.00000890 will signal the start of an uptrend. In such a case, Safemoon price might rally 36% to tag the 161.8% Fibonacci retracement level at $0.0000122.

However, investors need to note that this bullish thesis holds if SAFEMOON slices through the critical level mentioned above.

SAFEMOON/USDT 4-hour chart

On the other hand, the inability of the buyers to quickly push Safemoon price above $0.00000890 will result in sellers taking over the altcoin. In such a case, SAFEMOOON could retrace 22% to the first support barrier at $0.00000691.

If the sellers overwhelm the buyers here, the 50% Fibonacci retracement level at $0.00000623 will likely dampen the bearish momentum.

However, if this support floor is shattered, it will invalidate the upswing narrative and kick-start a 10% downtrend to $0.00000559.

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.