By Solomon Odunayo
Briefly –
- SAFEMOON price retraces to a steady support floor following a 209% surge within the past three weeks.
- Patient market players may expect a U-turn from $0.000574 to welcome a 140% surge to $0.00136.
- A 24Hr candlestick closing under $0.000356 will cancel the bullish narrative.
SafeMoon price presents healthy pullbacks after a remarkable uptrend that had it more than tripling within the previous three weeks. This correction will offer bulls gather momentum to regain strength and catalyze another upside move.
SAFEMOON Contemplates the Next Action
SafeMoon tagged $0.000356 several times between 18 April and 5 May, forming a bottom around the value area. The resulted upsurge propelled the alt 209% high to a swing peak near $0.00109 after overcoming the hurdle at $0.000962.
Though the move meant bullishness, it overstretched, translating to a downside correction. The alternative token has dropped around 35% and seems primed for further declines. Enthusiasts might expect a base at the 70.5% retracement around $0.000574.
Any recovery beyond $0.000511 can catalyze another attractive rally for SAFEMOON’s price. Presuming SafeMoon launched an uptrend from $0.000574 it might crash the hurdle at $0.000962 and create a higher peak at $0.00136, translating to a 140% surge.
While things appear optimistic for SafeMoon, extending the ongoing correction below the $0.000511 foothold will confirm buyer weakness. Such developments could see the alt producing a 24hr candle closing beneath the $0.000354 range low. That will annul the bullish narrative. Moreover, SAFEMOON can enter into a discovery move to form a new lifetime low.
Meanwhile, the cryptocurrency world presented remarkable upticks over the past day. The global crypto market capitalization reflects improved sentiment within the space.
While publishing this content, the cumulative value of all digital tokens stood at $1.27 trillion, gaining 5.56% within the past day. On the other hand, the overall market volume increased by 37.09% to $66.69 billion.
Moreover, Bitcoin surged 5.47% in a day to overpower the $30K hurdle. While writing these lines, Bitcoin traded at $30,662.94. Steadying beyond the $30.6K mark can support stable uptrends in the short term. That can support SAFEMOON’s upside narrative.
Stay tuned for the latest crypto news.