- SafeMoon price has seen three consecutive days of down candlesticks as the crypto markets tank.
- This downtrend, however, has brought it closer to the buy zone, extending from $0.000511 to $0.000636.
- Investors need to be careful with their timing and not be caught off guard if Bitcoin price takes another dip.
SafeMoon price is approaching a potential reversal area and hoping for a quick turnaround. This buy area could trigger another rally that could result in a similar uptrend as that seen between April 18 and May 26.
SafeMoon price prepares for a touchdown
Safemoon price has been in a downtrend since the May 26 swing high at $0.001090 was formed after a 197% rally. So far, the altcoin has dropped 42% and is currently grappling just above the buy zone, extending from $0.000511 to $0.000636.
The previous articles about the altcoin have mentioned that there is a chance SafeMoon price will bounce off this area and rally 100% or more. Considering the recent sell-off in Bitcoin price, retail investors might be panicking, but the outlook remains the same.
The $0.000511 to $0.000636 buy zone is still valid and will put SAFEMOON price in a deep discount mode relative to the range, extending from $0.000356 to $0.001090. Hence, the chances of an uptrend or a trend reversal in this deep-discount mode are higher.
As for targets, investors can safely expect SAFEMOON to trigger the next run-up and retest the range high at $0.001090. This move would constitute a 90% ascent from $0.000574. However, in a highly bullish case, SafeMoon price would set a higher high at the $0.001360 hurdle. This run-up, however, would amount to a 140% gain from the $0.000574 barrier.
SAFEMOON/USDT 1-day chart
While things are looking up for SafeMoon price, a potential spike in selling pressure that pushes Safemoon price to create a daily candlestick close below the range low at $0.000356 will invalidate the bullish thesis.
Since this move creates a lower low, SafeMoon price could set a new all-time low.
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: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
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.