SafeMoon appears to be building steam as it prepares for a quick price upswing. A resurgence of buying pressure could trigger this run-up and propel it to set up a higher.
SafeMoon's price dropped roughly 31% after setting up the second swing high at the $0.00000330 level on August 28. However, the inability of buyers to sustain this climb led to a drop that breached immediate support levels, creating a second swing low.
Drawing trend lines joining the swing points shows the pattern of a potential ascending channel.
Now, SAFEMOON's price is bouncing off the lower trend line of the technical setup at $0.00000212. A resurgence of buying pressure will kick-start a new uptrend. However, SafeMoon's price needs to breach the $0.00000264 and $0.00000316 to set up a higher high.
If the bulls make this swing high happen, another 25% ascent is likely around the corner that retests $0.00000394.
Such a move will tag the upper trend line and create a third higher high.
While an upswing around the $0.00000212 support floors seems likely, investors need to be aware of an increased selling pressure that breaches it. If this move occurs, it will indicate that the bullish momentum is far lower and is likely to trigger a retracement.
The support floor at $0.00000189 will be the immediate shelter where bulls can give a shot at an uptrend.
However, a decisive close below $0.00000153 will invalidate the bullish thesis and, in some cases, catalyze further crashes.
0 Comments