- SafeMoon price is currently approaching a stable support level at $0.00000124.
- A successful bounce off this barrier will create a double bottom and potentially propel SAFEMOON by 50%.
- A breakdown of the $0.00000124 barrier will invalidate the bullish thesis.
SafeMoon price has been on a downswing for roughly two weeks, but this downswing has pushed it close to a stable demand barrier. Assuming the bulls make a comeback here, investors can expect a new uptrend to originate here.
SafeMoon price awaits resurgence of buyers
SafeMoon price has shed nearly 60% of its value over the past two weeks. Moreover, SAFEMOON does not seem to be having a good time since the May 19 crash. Regardless, there have been attempts to change this bearish outlook, but none of them have succeeded so far.
As SafeMoon price approaches the $0.00000124 support level, investors can be optimistic again, as a new uptrend could originate here.
On August 16, SafeMoon price set up a swing low at $0.00000124, and the current downtrend is likely to do the same. A resurgence of buying pressure around this barrier is expected to trigger a new ascent.
Market participants can expect this new and potential rally to slice through the immediate resistance barrier at $0.00000152 and make a run at the next supply level at $0.00000189. This run-up from $0.00000124 to $0.00000152 would constitute a 50% ascent.
In a highly bullish case, SAFEMOON could tag $0.00000212, extending the gains from 50% to 70%.
SAFEMOON/USDT 4-hour chart
While the optimistic scenario depends on the assumption that the bulls make a comeback around $0.00000124, a failure to do so will exacerbate the downswing. A decisive close below this support barrier will create a lower low and invalidate the bullish thesis.
In this case, investors can expect SafeMoon price to tag the immediate support level at $0.000000940.
