By Alicia Maher
- SAFEMOON price display limitation in its retracement as the alt arrives at the $0.00118 level.
- Reversal around this area might catalyze a 40% upside move towards the supply zone extending between $0.00165 and $0.00175.
- A 24Hr candle close under $0.00106 will form a lower low, annulling the bullish scenario.
SAFEMOON’s price looks eroded as it maintained steep downtrends without any visible bullish reactions. Nevertheless, the latest run-up seems to have attracted lucrative developments, hinting at a potential rally towards the closest barrier.
SafeMoon on Recovery Attempts
SafeMoon saw its price climbing by 30% after forming a local low at $0.00106. The run-up created a swing peak around the $0.00137 area but could not keep the momentum, translating to a 14% correction, taking SAFEMOON to its current price level – $0.00118.
The pullback contributed to SafeMoon’s consolidation at the moment, suggesting volatile actions ahead. A successful accumulation might see the crypto spiking towards the nearest supply territory, stretching between $0.00165 and $0.00175.
Such a move would mean a 40% upsurge from SAFEMOON’s current price. The altcoin will pause to rethink its direction after the upswing. Nevertheless, a highly bullish scenario will lead to a daily candle close beyond $0.00175, conquering this blockade. That way, the uptrend can extend towards the obstacle at $0.00175.
On the other side, SafeMoon’s failure to recover from this pullback will show weakness by bulls. Such developments can have the alternative coin revisiting the swing low around $0.00106. Buyers will have another recovery chance in this area; failure to do that might see SAFEMOON creating a 24hr candlestick close under $0.00106, invalidating the bullish narrative.
SAFEMOON price suffered downtrends as the overall financial space was in turmoil. However, improved sentiments show the altcoin might surge towards its immediate barrier. The alternative coin approached the crucial area at $0.00118. A reversal at this value region might catalyze a 40% upsurge towards the supply territory at $0.00165 – $0.00175. Nevertheless, a daily candle close under $0.00106 will have enthusiasts forgetting about the optimistic upside. Broader sentiments remain critical for the alt’s directional bias.
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