- SafeMoon price is currently approaching a stable support level at $0.00000124.
- A successful bounce off this barrier will create a double bottom and potentially propel SAFEMOON by 50%.
- A breakdown of the $0.00000124 barrier will invalidate the bullish thesis.
SafeMoon price has been on a downswing for roughly two weeks, but this downswing has pushed it close to a stable demand barrier. Assuming the bulls make a comeback, investors can expect a new uptrend to originate here.
SafeMoon price awaits resurgence of buyers
SafeMoon price has shed nearly 60% of its value over the past two weeks. Moreover, SAFEMOON does not seem to be having a good time since the May 19 crash. Regardless, there have been attempts to change this bearish outlook, but none of them have succeeded so far.
As SafeMoon price approaches the $0.00000124 support level, investors can be optimistic again as a new uptrend could originate here.
On August 16, SafeMoon price set up a swing low at $0.00000124, and the current downtrend is likely to do the same. A resurgence of buying pressure around this barrier is expected to trigger a new ascent.
Market participants can expect this new and potential rally to slice through the immediate resistance barrier at $0.00000152 and make a run at the next supply level at $0.00000189. This run-up from $0.00000124 to $0.00000189 would constitute a 50% ascent.
In a highly bullish case, SAFEMOON could tag $0.00000212, extending the gains to 70%.
SAFEMOON/USDT 4-hour chart
While the optimistic scenario depends on the assumption that the bulls make a comeback around $0.00000124, a failure to do so will exacerbate the downswing. A decisive close below this support barrier will create a lower low and invalidate the bullish thesis.
In this case, investors can expect SafeMoon price to tag the immediate support level at $0.00000094.
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.
Recommended Content
Editors’ Picks
Cardano stabilizes near $0.62 after Trump’s 90-day tariff pause-led surge
Cardano stabilizes around $0.62 on Thursday after a sharp recovery the previous day, triggered by US Donald Trump’s decision to pause tariffs for 90 days except for China and other countries that had retaliated against the reciprocal tariffs announced on April 2.
Solana signals bullish breakout as Huma Finance 2.0 launches on the network
Solana retests falling wedge pattern resistance as a 30% breakout looms. Huma Finance 2.0 joins the Solana DeFi ecosystem, allowing access to stable, real yield. A neutral RSI and macroeconomic uncertainty due to US President Donald Trump’s tariff policy could limit SOL’s rebound.
Bitcoin stabilizes around $82,000, Dead-Cat bounce or trendline breakout
Bitcoin (BTC) price stabilizes at around $82,000 on Thursday after recovering 8.25% the previous day. US President Donald Trump's announcement of a 90-day tariff pause on Wednesday triggered a sharp recovery in the crypto market.
Top 3 gainers Flare, Ondo and Bittensor: Will altcoins outperform Bitcoin after Trump's tariff pause?
Altcoins led by Flare, Ondo and Bittensor surge on Thursday as markets welcome President Trump's tariff pause. Bitcoin rally falters as traders quickly book profits amid Trump's constantly changing tariff policy.
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market
Bitcoin (BTC) price remains under selling pressure and trades near $84,000 when writing on Friday after a rejection from a key resistance level earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.