SafeMoon price is experiencing a premature shift in trend line level after an attempt to move higher. The price rejection on June 29 has led to an extended pullback which could be finding a foothold to kick-start an uptrend.
SafeMoon's price rose 33% between June 26 and June 29 and pierced the resistance level at a price of $0.00000338. However, this move reversed and crashed 20% to test the support at $0.00000272. After a recent bounce, SAFEMOON price is trying to retest this floor, hoping to kick-start a new uptrend.
If this were to happen, SafeMoon's price would likely rally 23% to take another jab at flipping the resistance level at a price of $0.00000338 into support. Following a successful flip, SAFEMOON could continue to climb until it creates an equal high at a price of $0.00000374. This move would represent a 37% gain from $0.00000272.
In a highly bullish case, SafeMoon's price could advance 10% to tag $0.00000412 level, the only barrier separating the altcoin from the range high.
While a bounce from the $0.00000272 support level seems plausible and obvious, a potential spike in selling pressure could shatter it. In such a case, SafeMoon could retest the range low at a price of $0.00000257 without negatively impacting the uptrend narrative.
However, if SAFEMOON's price breaks down this foothold, the bullish thesis detailed above will be invalidated. In such a case, investors can expect a 23% sell-off to a price of $0.00000198.
Polkadot price structure indicates the ground floor is still far away
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