SafeMoon shows a resurgence of price bulls that have kept it from heading lower. Instead, SAFEMOON has ricocheted off the support and might continue to rise if the buyers persist.
SafeMoon's price dropped roughly 12% from June 10 to June 11 and bounced off a support barrier at a price of $0.00000344. This support level has been crucial in preventing a steep correction for SAFEMOON.
Therefore, assuming this support level holds, SafeMoon's will likely rally 15% to tag the 50% Fibonacci retracement level at a price of $0.00000397. If the bulls continue to rampage, SAFEMOON's price will likely continue its ascent to $0.00000450, which is nearly 20% from the present level, $0.00000368.
Under highly bullish conditions, SafeMoon's price could propel to the range high at a price of $0.00000523.
Investors should note that the 50 four-hour and 100 four-hour Simple Moving Averages at price of $0.00000372 and $0.00000396, respectively, are two primary resistance that could hinder the move higher.
Therefore, closing above the latter will confirm the start of a new price uptrend,
A rejection of SafeMoon at a price of $0.00000396, leading to the breakdown of the support barrier at a price of $0.00000344, will signify weak bullish momentum. Additionally, a decisive 4-hour candlestick pattern 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's price to retest $0.00000203.
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