- SafeMoon price sets a base after a massive downswing, hinting at a trend reversal.
- A resurgence of buying pressure will likely continue this uptrend by another 22%.
- A breakdown of the February 24 swing low at $0.00106 will invalidate the bullish thesis.
SafeMoon price set a swing high on January 5 and has been on a downtrend ever since. Recently, the altcoin set a pivot point on February 24, resulting in a trend reversal and a minor uptrend.
SafeMoon price revives bulls
SafeMoon price dropped roughly 65% in 50 days and set a swing low at $0.00106 on February 24. This level served a turning point, allowing bulls to take control. Since then, SAFEMOON has rallied 30% and is currently hovering around $0.00133.
If bid orders continue to pileup, there is a good chance this uptrend will continue. In another case, there might a consolidation around the current position before SafeMoon price establishes a directaional bias.
Regardless, a continuation of the bull rally seems plausible considering the massive drawdown since January 5. Therefore, investors can expect SafeMoon price to rally another 22% and retest the $0.00165 to $0.00174 supply zone’s lower limit.
This development will be a place for SAFEMOON to form a local top and is where the upside is limited. A move beyond this barrier will require a surge in buying pressure and will occur only after a consolidation.
SAFEMOON/USDT 4-hour chart
While things are looking up for SafeMoon price due to the recent swing low on February 24, a failure to continue this trend could spell disaster for the altcoin. A pivot here will weaken the already sad state of buyers and knock SAFEMOON down to $0.00106 level.
While buyers have a chance to attempt another leg-up, a breakdown of this barrier will create a lower low, invalidating the bullish thesis for SafeMoon price.