SafeMoon price continues its bullish journey to $0.00164

  • SafeMoon price action’s recovery to $0.00164 seems to be going on, albeit slowly.
  • Investors can expect a 35% ascent before SAFEMOON retests the $0.00164 to $0.00174 lower limit of the supply zone.
  • A daily candlestick close below $0.00106 will invalidate the bullish thesis.

SafeMoon price has lagged in its recovery, and lately, the uptrend seems to be going slowly. A continuation of this bounce seems plausible considering the consolidative nature of the big crypto.

SafeMoon price on a mission to climb

SafeMoon price crashed 35% after setting up a supply zone, extending from $0.00164 to $0.00174. The resulting downswing set a swing low around $0.00106, which marked a local bottom. Since then, SAFEMOON has rallied roughly 15.6% to where it currently stands.

Going forward, investors can expect the altcoin to continue its uptrend, especially if BTC does not crash. Since the big crypto is moving sideways, there is a good chance the recovery rally for SAFEMOON will continue to progress slowly.

Hence, market participants can expect SafeMoon price to rally another 35% before encountering the supply zone’s lower limit at $0.00164. Interested investors can open long position at the current level and book profits at the retest of $0.00164.

Although unlikely, an extension of this ascent could propel SafeMoon price to shatter this hurdle and make its way to $0.00176. This move would constitute a 44% ascent from the current position and is likely where the upside is capped for the altcoin.

SAFEMOON/USDT 4-hour chart

While things are looking up for SafeMoon price, a failure to move higher will indicate weakness among buyers. Such a development will occur if SAFEMOON produces a swing low below $0.00106. This would set a lower low, skewing the odds in bears’ favor and invalidating the bullish thesis.


This news is republished from another source. You can check the original article here.

Be the first to comment

Leave a Reply

Your email address will not be published.