At $0.00000295, the SafeMoon pricing is currently testing the demand barrier.
SAFEMOON will be bounced off the mentioned level to $0.00000374 if there is a rush in buying demand.
The bullish argument will be invalidated if the swing low of $0.00000272 on July 5 is taken out.
On July 2, the SafeMoon price bounced off the $0.00000295 support floor but failed to hold, resulting in a temporary drop below it. A swift rebound above the same resistance level shows a show of strength, implying that another upswing is on the way.
SafeMoon’s price plummeted around 16 percent from June 29 to $0.00000295, bouncing off the support level. The resulting price action propelled SAFEMOON up ten percent before a sell-off pulled the altcoin down to $0.00000271, a 15 percent drop.
Despite the abrupt drop, the SafeMoon price immediately recovered and is now trading above the pivotal support floor at $0.00000295.
A surge in buying pressure could be the key to driving SAFEMOON past the $0.00000338 immediate resistance level.
SafeMoon price will likely set equal highs at $0.00000374 if the bulls manage to break above this barrier and stay above it. This would be a 26 percent increase from the $0.00000295 support level.
4-hour chart of SAFEMOON/USDT
While the upward story appears to be on track, a break of the important footing at $0.00000295 will imply weak purchasing demand. The equal highs scenario remains viable as long as SAFEMOON recovers fast.
If SafeMoon price closes below $0.00000271 in a key 4-hour candlestick, the bullish thesis will be invalidated, showing that the sellers are in control.
A 5 percent sell-off to the range low of $0.00000257 could result from such a move./n
