SAFEMOON is fading the price recovery momentum this Saturday after falling for four days in a row earlier this week.
On June 15, SafeMoon's price exploded 15% after the bulls cheered the news of the project, which is involved in the Dogecoin and SpaceX partnership.
However, a fresh selling pressure wave knocked off the coin thereafter, as the SAFEMOON failed to benefit from the announcement of its listing on the next generation KickEX exchange.
The meme-based coin hit weekly lows at a price of $0.000003554 before rebounding to near the $0.000003720 region.
SAFEMOON price 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 level at the dashed horizontal trendline at $0.000003509.
However, with the channel breakdown in play combined with the Relative Strength Index turning south below 50.00, the abovementioned support level looks at risk.
The next significant support level is envisioned at $0.000003220, the dashed horizontal trendline .
SAFEMOON price will remain poised for a fresh downswing towards 0.000002500 should the latter cave in.
Alternatively, recapturing the critical 0.000003850 barriers is a critical level to staging any meaningful recovery.
That price level is the confluence of the channel support-turned-resistance, 100 and 50-simple moving averages.
The bearish 21-SMA at a price of $0.000003900 will then challenge the bullish commitments.
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