- SafeMoon price is retracing after a 180% ascent between December 4 and December 9.
- The correction will likely extend another 20%, providing a ‘buy’ opportunity before SAFEMOON rallies 65% to $0.00000196.
- A breakdown of the range low at $0.000007 will invalidate the bullish thesis.
SafeMoon price more than doubled after the December 4 crash. The altcoin’s bullish move is currently undergoing a pullback, though bulls are expected to trigger a second leg-up in SAFEMOON.
SafeMoon price eyes a higher high
SafeMoon price set up a swing low at $0.00000070 after the December 4 crash. This downtrend underwent a u-turn and rallied 180% to set up a trading range and a swing high at $0.00000133. Since then, SAFEMOON has declined 25% to where it currently trades - $0.00000149.
Going forward, investors can expect the altcoin to see a further drop to the 62% retracement level at $0.00000118. A retest of this barrier is likely to see a surge in bullish momentum, triggering a new leg-up.
The same can be said for the 70.5% and 79% retracement levels at $0.00000107 and $0.000000966, respectively. A bounce off of these levels is likely to kick-start a new uptrend.
The resulting rally is likely to retest the range high at $0.00000196, indicating a 65% ascent. In some cases, SafeMoon price could briefly rise above this level to collect liquidity.
SAFEMOON/USDT 4-hour chart
If SafeMoon price fails to hold above $0.000000966, however, it will indicate a lack of buying pressure and increased selling activity. In such a case, SAFEMOON could revisit the range low at $0.0000007, where the bulls may try to mount a comeback.
The posting of a swing low below this barrier, however, will invalidate the bullish thesis outlined above and suggest a further descent is likely.
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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.