Since June 22, the SafeMoon price has been hovering at $0.00000257, which is near to the bottom range.
Although there is no clear directional bias, if the bulls break through $0.00000338, a bullish trend will emerge.
A breach of the support level at $0.00000257, on the other hand, might result in a 23 percent drop to $0.00000198.
After setting a swing low on June 22, the SafeMoon price seemed to have lost its allure. SAFEMOON has remained close to the bottom range since then. A breach of this level could signal the start of a decline.
For the past three weeks, the SafeMoon price has been stabilizing near the range bottom of $0.00000257. For the third time in the last eight days, the support level of $0.00000271 is being tested. While a breakdown of this level is probable, investors should not rule out the possibility of a surge in buying pressure kicking off an uptrend.
Despite the lack of a strong directional bias, market participants can expect a sweep of the range bottom at $0.00000257, followed by a 30% rise that slices through resistance ceilings of $0.00000273 and $0.00000295 and tags $0.00000338.
A key 4-hour candlestick close above this level will mark the commencement of a new rally by setting up a higher high. SAFEMOON might then extend the tag by another 25% to $$0.00000374.
4-hour chart of SAFEMOON/USDT
While the aforementioned upswing story appears feasible, investors should keep in mind that a breach of the range low will invalidate it. Increased selling pressure will be indicated by a 4-hour candlestick closure below $0.00000257.
If purchasers are unable to retake the aforementioned barrier, a 23 percent drop to the $0.00000198 support level is possible./n
