After a rejection from a resistance level at $0.00000338, the SafeMoon price has retraced 11%.
Before a 26 percent upswing, a retest of the range low at $0.00000257 becomes likely.
If SAFEMOON fails to retake the range low, the bullish thesis will be called into question.
Over the last week, the SafeMoon price has made two attempts to break over a key resistance level. The most recent attempt failed, resulting in a downswing to a sturdy support barrier. SAFEMOON could either bounce and head higher from here, or it might slice through it and retest the range bottom.
After a 30% drop, the SafeMoon price tested the range low on June 22. SAFEMOON has attempted to cut through the resistance level of $0.00000338 twice since then, but has failed both times.
The June 30 rejection triggered an 11% sell-off, driving SafeMoon’s price to a demand barrier of $0.00000295.
Investors should expect the resulting bullish momentum to shatter the immediate resistance level at $0.000000338 and hit $0.00000374, a 26 percent rise, if buyers come to the rescue.
Increased selling pressure at the stated support, on the other hand, might lead to a further loss, causing SAFEMOON to retest the range bottom at $0.00000257. As long as a swift reversal occurs, this move does not invalidate the optimism around the altcoin or the intended target of $0.00000374.
4-hour chart of SAFEMOON/USDT
Things will start to go wrong for SafeMoon pricing if the sellers band together to break the range low at $0.00000257. If the bulls do not act promptly to regain the SAFEMOON price, the above-mentioned possible 26 percent upsurge story will be invalidated.
In this event, the price of SafeMoon might plummet by 23 percent, crashing to the support level of $0.00000198./n
