SafeMoon Price Prediction: SAFEMOON ponders a 25% advance

SafeMoon price has underperformed relative to top altcoins but is preparing for a move higher.
A retest of the range low at $0.00000257 seems likely before SAFEMOON catapults.
If the sellers break below the swing low at $0.00000257, it will invalidate the bullish thesis.

SafeMoon price seemed to be confirming the uptrend when it breached the immediate supply level briefly. However, the inability of the buyers pushed SAFEMOON below it. However, the altcoin will likely take another jab at an uptrend as the pullback finds a foothold.

SafeMoon price coils up for a breakout

SafeMoon price tried recuperating after the crash experienced from June 20 through June 22. While this attempt briefly sliced through the resistance level at $0.00000295 on June 23, the lack of buying pressure prevented SAFEMOON from staying above it. As a result, SafeMoon price retraced 18% to where it currently stands, $0.00000274.

The range low at $0.00000257 is the last line of defense for SAFEMOON. Therefore, a spike in buying pressure at this barrier will most likely catapult the cryptocurrency by 14% to the first resistance barrier at $0.00000295.

Breaching the said ceiling will open the path for SafeMoon price to retest the subsequent resistance level at $0.00000338.

While unlikely, if the bullish momentum persists after tagging $0.00000338, SAFEMOON price will take a jab at the June 20 swing high at $0.00000373.

SAFEMOON/USDT 4-hour chart

On the flip side, if SafeMoon price breaches the range low at $0.00000257, it will indicate weak buying pressure. This move would open up SAFEMOON for further downside risk.

A potential 22% sell-off to $0.00000198 will likely ensue if $0.00000257 breaks down.

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