- SafeMoon price formed a base at $0.00000344 and bounced off this level.
- A decisive close above 50% Fibonacci retracement level at $0.00000397 will confirm the start of a new uptrend.
- If SAFEMOON breaks down the recent swing low at $0.00000319 formed on June 12, it will invalidate the upswing.
SafeMoon price has been on a steady range-bound move for almost 10 days. This consolidation occurred between a critical support and resistance level. However, the recent bounce produced a massive upswing that has cleated two critical barriers, signal the buyers’ strength.
SafeMoon price awaits confirmation of its uptrend
SafeMooon price surged roughly 11% as it bounced off the support level at $0.00000344 for the fourth time over the past 10 days. This sudden uptick in buying pressure propelled the altcoin to slice through the 50 four-hour and the 100 four-hour Simple Moving Averages (SMA).
While SafeMoon price has produced a decisive 4-hour close above the SMAs, it is yet to clear the 50% Fibonacci retracement level at $0.00000397.
If this were to happen, it would denote a shift in trend for SAFEMOON from bearish to bullish.
Moreover, a spike in buying pressure could propel SafeMoon price by another 13% to tag the resistance level at $0.00000450.
In case the bid orders continue to pile up, SafeMoon price could climb up to the range high at $0.00000522.
SAFEMOON/USDT 4-hour chart
On the flip side, if SafeMoon price gets rejected at the 50% Fibonacci retracement level at $0.00000397, it would indicate that investors are booking profits or the selling pressure is too high.
Either way, this inability of buyers would send SAFEMOON price down by 13% to the support level at $0.00000344.
However, a convincing close below the recent swing low at $0.00000319 set up on June 12 would invalidate the bullish outlook and kick-start a bearish downtrend.
Such a move might push SafeMoon price by 14% to the range low at $0.00000271.
Share
