- SafeMoon price action’s recovery to $0.00164 seems to be going on, albeit slowly.
- Investors can expect a 35% ascent before SAFEMOON retests the $0.00164 to $0.00174 lower limit of the supply zone.
- A daily candlestick close below $0.00106 will invalidate the bullish thesis.
SafeMoon price has lagged in its recovery, and lately, the uptrend seems to be going slowly. A continuation of this bounce seems plausible considering the consolidative nature of the big crypto.
SafeMoon price on a mission to climb
SafeMoon price crashed 35% after setting up a supply zone, extending from $0.00164 to $0.00174. The resulting downswing set a swing low around $0.00106, which marked a local bottom. Since then, SAFEMOON has rallied roughly 15.6% to where it currently stands.
Going forward, investors can expect the altcoin to continue its uptrend, especially if BTC does not crash. Since the big crypto is moving sideways, there is a good chance the recovery rally for SAFEMOON will continue to progress slowly.
Hence, market participants can expect SafeMoon price to rally another 35% before encountering the supply zone’s lower limit at $0.00164. Interested investors can open long position at the current level and book profits at the retest of $0.00164.
Although unlikely, an extension of this ascent could propel SafeMoon price to shatter this hurdle and make its way to $0.00176. This move would constitute a 44% ascent from the current position and is likely where the upside is capped for the altcoin.
SAFEMOON/USDT 4-hour chart
While things are looking up for SafeMoon price, a failure to move higher will indicate weakness among buyers. Such a development will occur if SAFEMOON produces a swing low below $0.00106. This would set a lower low, skewing the odds in bears’ favor and invalidating the bullish thesis.
