- SafeMoon price bounces off a critical support level, showing the presence of buyers.
- A continuation of this bounce could lead to a 20% rally to $0.00000450.
- If SAFEMOON breaks the range low at $0.00000271, the bullish thesis will face invalidation.
SafeMoon price shows a resurgence of bulls that have kept it from heading lower. Instead, SAFEMOON has ricocheted off the support level and might continue to rise if the buyers persist.
SafeMoon price eyes higher high
SafeMoon price dropped roughly 12% from June 10 to June 11 and bounced off a support barrier at $0.00000344. This level has been crucial in preventing a steep correction for SAFEMOON.
Therefore, assuming this level holds, SafeMoon price will likely rally 15% to tag the 50% Fibonacci retracement level at $0.00000397. If the bulls continue to rampage, SAFEMOON will likely continue its ascent to $0.00000450, which is nearly 20% from the current position, $0.00000368.
Under highly bullish conditions, SafeMoon price could propel to the range high at $0.00000523.
Investors should note that the 50 four-hour and 100 four-hour Simple Moving Averages (SMAs) at $0.00000372 and $0.00000396, respectively, are two primary resistance levels that could hinder the move higher.
Therefore, closing above the latter will confirm the start of a new uptrend,
SAFEMOON/USDT 4-hour chart
A rejection of SafeMoon price at $0.00000396, leading to the breakdown of the support barrier at $0.00000344, will signify weak bullish momentum. Additionally, a decisive 4-hour candlestick close below the range low at $0.00000271 will invalidate the optimistic narrative detailed above.
If the selling pressure continues to build even after shattering this latter swing low, market participants can expect SAFEMOON to retest $0.00000203.