SafeMoon price is currently attempting to push toward the range low in hopes of reclaiming it. If successful, the price bulls need to set up a higher high to trigger an uptrend.
While not impossible, an ascent in the market value of SAFEMOON price will likely face delays.
SafeMoon has been on a price downtrend since its May 26 swing high. Although there were multiple attempts to head higher, they were feeble and ended up as lower highs. The recent sell-off exacerbated the bearish outlook as it sliced through the range low at a price of $0.00000273.
While the present situation for SAFEMOON price might appear bearish, a swift recovery above the said level will alleviate the pain if not extinguish it.
However, if the buyers propel this altcoin to produce a decisive 12-hour candlestick pattern close above the $0.00000295 resistance level, it will have set up a higher high, suggesting that the price bulls mean business.
Such a move will open the path for buyers to catapult SafeMoon price to vital levels like $0.00000338 and $0.00000374 levels, roughly 34% and 48% away from the current position at $0.00000252.
While the bullish expectation seems logical, it will face severe headwinds if it fails to price recover above $0.00000273 or set up a higher high above $0.00000295.
In such a case, a spike in selling pressure that pushes SafeMoon’s price to produce a decisive 12-hour candlestick pattern close below the July 20 swing low at $0.00000216 will invalidate the bullish thesis.
If the bearish momentum persists, the SAFEMOON price will retest the support level at $0.00000198.
Shiba Inu price to kick-start an uptrend
Dogecoin price approaches a crucial threshold