- SafeMoon price has retraced 11% after a rejection from a resistance level at $0.00000338.
- A retest of the range low at $0.00000257 seems plausible before a 26% upswing emerges.
- If SAFEMOON slices through range low and fails to reclaim it, the bullish thesis will face invalidation.
SafeMoon price has seen two attempts over the past week to climb past a critical resistance barrier. The failure of the most recent try has led to a downswing to a stable support barrier. SAFEMOON could either bounce here and head higher or slice through it to retest the range low.
SafeMoon price eyes a higher high
SafeMoon price tested the range low on June 22 after a 30% crash. Since then, SAFEMOON has tried to slice through the resistance level at $0.00000338 twice but failed.
The rejection on June 30 has led to an 11% sell-off, pushing SafeMoon price to a demand barrier at $0.00000295.
If the buyers come to the rescue, investors can expect the resulting bullish momentum to shatter the immediate resistance level at $0.000000338 and tag $0.00000374, a 26% upswing.
However, in case of increased selling pressure at the said support might lead to a further decline that causes SAFEMOON to retest the range low at $0.00000257. This move does not invalidate the optimism around the altcoin or the intended target at $0.00000374 as long as a quick reversal occurs.
SAFEMOON/USDT 4-hour chart
However, if the sellers band together to shatter the range low at $0.00000257, things will start to go awry for SafeMoon price. I the bulls do not act quickly and recover SAFEMOON price, it will invalidate the potential 26% upswing narrative explained above.
In such a case, SafeMoon price might crash 23% to tag the support level at $0.00000198.