Since June 29, the price of SafeMoon has been steadily declining, sitting just above a crucial resistance level of $0.00000272.
SAFEMOON is expected to rise to $0.00000374 if it bounces off this level.
The bullish thesis will be invalidated if the range low at $0.00000257 is broken.
After an attempt to rise upward, the SafeMoon price has had a premature shift in trend. Following the rejection on June 29, there has been a lengthy pullback, which may be gaining traction in order to kick-start an uptrend.
SafeMoon’s price increased by 33% between June 26 and June 29, piercing the $0.00000338 resistance level. However, the trend was reversed, and the price fell 20% to test the support level of $0.00000272. SAFEMOON is attempting to retest its floor following a recent bounce in the hopes of resuming an uptrend.
If this happens, SafeMoon’s price will most certainly rally 23% in an attempt to turn the resistance level at $0.00000338 into support. SAFEMOON could continue to increase after a successful flip until it reaches an equivalent high of $0.00000374. This represents a 37 percent increase from $0.00000272.
SafeMoon price might rise 10% in a strongly optimistic scenario to $0.00000412, the only hurdle separating the altcoin from the range high.
4-hour chart of SAFEMOON/USDT
While a recovery from the $0.00000272 support floor appears plausible and evident, it might be shattered by a potential spike in selling pressure. In this circumstance, the price of SafeMoon might retest the range bottom of $0.00000257 without jeopardizing the upward narrative.
If SAFEMOON loses this foothold, however, the bullish thesis outlined above will be undermined. Investors can expect a 23 percent drop to $0.00000198 in this scenario./n
