By Franklin Smith
Briefly-
- SafeMoon price witnesses a 52% retracement between 30 October and 19 November.
- The downtrend had the alternative coin inside the ‘buy territory’ in the $0.00000302 – $0.00000216 range.
- A plunge under the $0.00000109 range low will cancel the bullish narrative.
SafeMoon price witnesses an exponential rally on 29 September, attaining levels not seen since the alt touched its ATHs. As most investors ventured into profit-booking, SAFEMOON suffered a retracement towards a critical level that might catalyze a new upswing.
SafeMoon Planning a Comeback
Safemoon witnesses its price dropping by 52% between 30 October and 19 November, following a 445% upsurge. The correction pushed the alternative coin to $0.00000301 from $0.00000615, retesting 62% FIB retracement zone near $0.00000303.
A reversal might occur in the ‘buy territory,’ extending inside the $0.00000302 – $0.00000216 range. With that, the latest fall to this area can catalyze a 25% upswing towards the closest resistance barrier of $0.00000377.
So far, SAFEMOON’s price has increased by 12% and consolidated beyond the $0.00000303 zone at the moment. Market participants may expect the alt to surge by another 16%, attaining its intended aim at $0.00000377.
If the market retains a bullish narrative, SAFEMOON might extend its leg up to $0.00000470 from $0.00000377. Such a move could translate to a 54% upswing in price from $0.00000302.
Depending on the crypto reaction intensity, SAFEMOON might rejoin the buy zone in the $0.00000302 – $0.00000216 range and retest the barrier at $0.00000259 before kick-starting its rise towards $0.00000377.
However, breaching the support area of $0.00000109 will have market players forgetting SafeMoon’s bullish thesis.
Meanwhile, Bitcoin has seen a downswing since attaining its all-time high some weeks ago. At this publication, BTC trades at $58,334 after a 0.61% plunge. Mixed sessions early on Monday had the leading cryptocurrency rising towards $58,829 before declining to $58,083.
Bitcoin should avoid the pivot at $59,115 to test the first critical resistance zone at $59,626. An extended rally will see BTC rising past the $60,000 psychological level to test the crucial resistance at $63,000 before retracing. Bullishness by Bitcoin can translate to upswings in the altcoin market. That way, alternative coins, including SafeMoon, will surge to their projected peaks.