SafeMoon Price Prediction: SAFEMOON contemplates 34% gains

  • SafeMoon price dropped roughly 20% between July 19 and July 20, slicing through the range low at $0.00000273.
  • Despite the crash, the recent double bottom formation suggests an upswing is likely.
  • A breakdown of the $0.00000216 support level might trigger an 8% sell-off to $0.00000198.

SafeMoon price is experiencing a bottom formation as SAFEMOON approaches a crucial support level twice over the past week. If a bounce from this barrier evolves, it will indicate a double bottom reversal in play.

SafeMoon price awaits a trigger

SafeMoon price crashed 20% between July 19 and July 20 to $0.00000273. However, the run-up that stemmed here failed to create a higher high. Therefore, SAFMOON is heading back to the $0.00000216 support level, indicating a potential formation of a double bottom.

In some cases, the downtrend could stop mid-way creating a higher low, which is also leaning bullish.

Regardless, SafeMoon price is likely to rally at least 23% to retest the range low at $0.00000273. A decisive 4-hour candlestick close above this level will indicate the affinity of the buyers to push the altcoin higher.

In such a case, SAFEMOON price might extend the rally to tag $0.00000295.

SAFEMOON/USDT 4-hour chart

While this move seems reasonable, investors should note that a higher low has less chance of progressing unless it produces a higher high to match the bullish momentum. In the case that it does not market participants can expect a retest of $0.00000216 and in a bearish case, a breakdown of this barrier.

This move would invalidate the bullish thesis and potentially trigger an 8% downswing to $0.00000198.