SafeMoon prices hints at bullish outlook with a 30% potential
- SafeMoon price is contemplating a rally after a slow downtrend for nearly two weeks.
- The bullish divergence between SAFEMOON price and the RSI hints at a 30% advance.
- A breakdown of the $0.00000124 support floor will invalidate the bullish thesis.
SafeMoon price experienced a massive downswing over the past month and has finally revealed an optimistic outlook. This development could see SAFEMOON rally and set up a temporary swing high. In a bullish case, this initial updraft could serve as the base for a new uptrend, which could establish a firm yet bullish directional bias.
SafeMoon price aims for a minor upswing
SafeMoon price dropped a whopping 60% over the past 24 days, while observers have noted a massive increase in selling pressure. The downswing appears to have reduced its speed over the past 12 days and indicates that an uptrend is likely.
This optimism stems from the fact that SafeMoon price has set up lower lows while the Relative Strength Index (RSI) has created higher lows, forming a bullish divergence. Such a technical formation typically tends to resolve to the upside.
Therefore, investors can expect SAFEMOON to climb going forward and encounter the immediate resistance level at $0.00000153. Shattering this barrier will propel the altcoin to $0.00000182, constituting a 30% climb.
In some cases, this uptrend might extend up to $0.00000189.
SAFEMOON/USDT 1-day chart
While the technicals point to a positive outlook, SafeMoon price needs to hold above the $0.00000124 support floor. A breakdown below the said barrier to create a new lower low will invalidate the bullish thesis.
Such a move will likely trigger a 25% downswing to the subsequent demand barrier at $0.00000094.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
