- SafeMoon price is approaching the $0.00000212 support level, anticipating a bounce.
- A resurgence of buyers could push SAFEMOON through the $0.00000264 resistance level.
- If the bears break down the $0.00000188 support level, it will invalidate the bullish thesis.
SafeMoon price is traversing a bullish pattern and shows signs of further gains in the near future. While an upswing seems likely, a spike in selling pressure that shatters immediate support levels will be fatal for SAFEMOON.
SafeMoon price anticipate equal highs
SafeMoon price has been consolidating since May 26, setting up three lower highs and multiple lower lows. Connecting these swing points using trend lines results in the formation of a descending parallel channel.
SAFEMOON price broke out of this technical setup on August 25 as it rose 38% to tag the resistance level at $0.00000316, but an increased sell-off pushed it lower.
The crash has brought SafeMoon price back to the support barrier at $0.00000212 and is likely to retest it before heading higher.
Investors can expect a resurgence of buying pressure around the said demand level, triggering a 50% upswing to $0.00000316.
In some cases, SAFEMOON price might even tag the subsequent resistance level at $0.00000346.
SAFEMOON/USDT 1-day chart
On the other hand, bulls could fail to make a comeback near the $0.00000212 support level, which would put SafeMoon price in a tight spot and open it up for a massive crash. A decisive close below the $0.00000188 demand barrier will invalidate the bullish thesis by setting up a lower low.
This move could further trigger downswings to $0.00000153 or $0.00000094 support level.