- SafeMoon value reentered its vary that extends from $0.00000356 to $0.00000890 after making a swing excessive.
- The 50 four-hour SMA at $0.00000792 supported SAFEMOON’s latest upswing.
- A breakdown of the 50% Fibonacci retracement stage at $0.00000623 will invalidate the bullish thesis.
SafeMoon value remained unaffected through the Tesla-induced crash on Wednesday and continued to commerce sideways. On the time of writing, SAFEMOON appears to have dipped again into its vary and takes a jab at heading larger.
SafeMoon value wants a steady foothold to skyrocket
SafeMoon value is shifting in lockstep however caught between $0.00000356 to $0.00000890. Nevertheless, on Could 11, it explored out of this zone and however did not maintain this upswing. Consequently, SAFEMOON rapidly slid underneath $0.00000356 and is buying and selling inside this vary.
The 50 four-hour Easy Shifting Common (SMA) at $0.00000792 supported the falling costs. Over the past couple of hours, the altcoin has reacted properly from the SMA talked about above and surged practically 11%, taking one other jab at a bull rally.
As nearly all of the cryptocurrency market rebounds, it’s seemingly that SAFEMOON may even enterprise out from the higher vary. A decisive four-hour candlestick shut above $0.00000890 will sign the beginning of an uptrend. In such a case, Safemoon value may rally 36% to tag the 161.8% Fibonacci retracement stage at $0.0000122.
Nevertheless, buyers want to notice that this bullish thesis holds if SAFEMOON produces slices by way of the important stage talked about above.
SAFEMOON/USDT 4-hour chart
However, the lack of the consumers to rapidly push Safemoon value above $0.00000890 will lead to sellers taking on the altcoin. In such a case, SAFEMOOON may retrace 22% to the primary help barrier at $0.00000691.
If the sellers overwhelm the consumers right here, the 50% Fibonacci retracement stage at $0.00000623 will seemingly dampen the bearish momentum.
Nevertheless, if this help ground is shattered, it’s going to invalidate the upswing narrative and kick-start a ten% downtrend to $0.0000559.