- SafeMoon price has swept the support level at $0.00000344 as bulls hint at a comeback.
- A decisive close above the said demand barrier will likely trigger an 18% upswing to $0.00000397.
- Rejection at $0.00000344 will reignite the downtrend to the range low at $0.0000071.
SafeMoon price dropped below a crucial supply barrier as the markets tumbled on June 7. If the flagship cryptocurrency makes a comeback, investors can expect SafeMoon to follow suit.
SafeMoon price eyes a quick reversal
SafeMoon price was on the road to recovery when Bitcoin price took a fall. This sudden uptick in selling pressure pushed SAFEMOON from $0.00000398 to $0.00000315, a 20% crash. The downswing sliced through a crucial support barrier at $0.00000344. While the risk of further downside remains, SafeMoon price shows the possibility of a reversal.
For the bullish outlook to manifest, SAFEMOON should produce a decisive 4-hour candlestick close above $0.00000344. If such a move were to happen, the altcoin could eye a quick 17% upswing to tag the 50% Fibonacci retracement level at $0.00000397.
In some cases, SafeMoon price could also sweep the highs to test the 100 four-hour Simple Moving Average (SMA) at $0.00000402, an 18% rally from $0.00000344.
In a bearish but less likely scenario, SAFEMOON price might drop to the range low at $0.00000271 before kick-starting an uptrend.
SAFEMOON/USDT 4-hour chart
On the other hand, a breakdown followed by a retest of the swing low at $0.00000271 will invalidate the optimistic narrative. Such a bearish move would signal the start of a new downtrend and might even trigger a sell-off that could push SafeMoon price down by 25% to $0.00000202.