- SafeMoon price is attempting to slice through a resistance barrier at $0.00000338 for the second time.
- A rejection here is likely and will lead to a minor pullback that retests the support level at $0.00000295.
- If SAFEMOON breaks down the range low at $0.00000257, it will invalidate the bullish thesis.
SafeMoon price has climbed after a brutal sell-off that ended on June 22. The ascent has sliced through a critical resistance level but is struggling to breach the next barrier. Therefore, SAFEMOON is likely to pull back to the immediate support floor.
SafeMoon price corrects after a brief upswing
SafeMoon price is currently trying to slice through the resistance level at $0.00000338 after a recent failed attempt. Judging by the present state of the crypto market, the latest jab at flipping the ceiling is unlikely. Therefore, investors can expect SAFEMOON to pull back.
The immediate support barrier at $0.00000295 could harbor this correction and serve as a foothold for reversal.
A potential spike in buy pressure from investors scooping up the altcoin at a discount might trigger a rally that could propel SafeMoon price to take another jab at $0.00000338.
If the bulls push through this barrier and flip it into a support, the advance will likely continue to the subsequent ceiling at $0.00000374, a 26% climb from $0.00000295.
In a highly bullish case, SAFEMOON might even retest $0.00000412.
SAFEMOON/USDT 4-hour chart
On the flip side, if the selling pressure continues to build at $0.00000295, SAFEMOON might slice through it and tag the range low at $0.00000257. This move would put a dent in the upswing narrative.
However, a breakdown of $0.00000257 will invalidate the bullish thesis and might trigger a 23% sell-off to $0.00000198.
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