- SafeMoon price has underperformed relative to top altcoins but is preparing for a move higher.
- A retest of the range low at $0.00000257 seems likely before SAFEMOON catapults.
- If the sellers break below the swing low at $0.00000257, it will invalidate the bullish thesis.
SafeMoon price seemed to be confirming the uptrend when it breached the immediate supply level briefly. However, the inability of the buyers pushed SAFEMOON below it. However, the altcoin will likely take another jab at an uptrend as the pullback finds a foothold.
SafeMoon price coils up for a breakout
SafeMoon price tried recuperating after the crash experienced from June 20 through June 22. While this attempt briefly sliced through the resistance level at $0.00000295 on June 23, but the lack of buying pressure prevented SAFEMOON from staying above it. As a result, SafeMoon price retraced 18% to where it currently stands, $0.00000274.
The range low at $0.00000257 is the last line of defense for SAFEMOON. Therefore, a spike in buying pressure at this barrier will most likely catapult the cryptocurrency by 14% to the first resistance barrier at $0.00000295.
Breaching the said ceiling will open the path for SafeMoon price to retest the subsequent resistance level at $0.00000338.
While unlikely, if the bullish momentum persists after tagging $0.00000338, SAFEMOON price will take a jab at the June 20 swing high at $0.00000373.
SAFEMOON/USDT 4-hour chart
On the flip side, if SafeMoon price breaches the range low at $0.00000257, it will indicate a weak buying pressure. This move would open up SAFEMOON for further downside risk.
A potential 22% sell-off to $0.00000198 will likely ensue if $0.00000257 is broken down.