- SAFEMOON price challenges key hurdle amid a recovery mode.
- Technical up on the 4H chart paints a bearish picture.
- RSI remains bearish, as more weakness likely in the near term.
SAFEMOON price is fading the recovery momentum this Saturday after falling for four days in a row earlier this week.
On June 15, SafeMoon exploded 15% after the bulls cheered the news of the project, which is involved in the Dogecoin and SpaceX partnership.
However, a fresh selling wave knocked off the coin thereafter, as the SAFEMOON price failed to benefit from the announcement of its listing on the next generation KickEX exchange.
The meme-based coin hit weekly lows at $0.000003554 before rebounding to near the $0.000003720 region.
SAFEMOON/USD: Rising channel breakdown keeps sellers ho0peful
SAFEMOON has stalled its four-day losing streak but it’s not out of the woods yet, given that the bears have charted a rising channel breakdown on the four-hour chart on Friday.
The price bounced from near the immediate support at the dashed horizontal trendline (white) at $0.000003509.
However, with the channel breakdown in play combined with the Relative Strength Index (RSI) turning south below 50.00, the abovementioned support looks at risk.
The next significant support is envisioned at $0.000003220, the dashed horizontal trendline (orange).
SAFEMOON will remain poised for a fresh downswing towards 0.000002500 should the latter cave in.
SAFEMOON/USD: Four-hour chart
Alternatively, recapturing the critical 0.000003850 barrier is critical to staging any meaningful recovery.
That level is the confluence of the channel support-turned-resistance, 100 and 50-simple moving averages (SMA).
The bearish 21-SMA at $0.000003900 will then challenge the bullish commitments.