- SafeMoon price has pierced through a resistance barrier at $0.00000295, indicating the start of an upswing.
- A minor pullback that retests the said supply level could trigger a 40% run-up to $0.00000412.
- If SAFEMOON produces a swing low below $0.00000267, it will invalidate the bullish thesis.
SafeMoon price has shown an affinity to climb higher, which has led to a breach through a resistance barrier. This ascent indicates that SAFEMOON is likely to head toward the midpoint of the range.
SafeMoon price prepares for lift-off
SafeMoon price set up a range low at $0.00000257 on June 22 and has rallied roughly 20% over the past eight hours to set up a new swing high at $0.00000315. This leg up sliced through a critical resistance level at $0.00000295, flipping it to support, further confirming the resurgence of buyers.
Therefore, investors can expect a minor 6% pullback that retests the said support barrier before rallying to new swing highs.
If this were to happen, SafeMoon price would first rally 15% to tag the immediate ceiling at $0.00000338. Following the breach of this area, if the buying pressure continues to persist, SAFEMOON will retest the resistance barrier at $0.00000412.
In total, this move would be a 40% rally from the support level at $0.00000295.
SAFEMOON/USDT 4-hour chart
Market participants need to note that a failure to move past the resistance level at $0.00000338 might slow down or delay the 40% ascent. However, a breakdown of the demand barrier at $0.00000295 will signal weak buyers.
If this were to happen, leading to a swing low below $0.00000267, it would invalidate the bullish thesis and kick-start a sell-off to the range low at $0.00000257.
In a highly bearish case, this crash might result in a retest of the support barrier at $0.00000198.
