- SafeMoon Although the price experienced a 197% increase between April 18 and May 26, it recently erased all of these gains.
- Traders can expect the recovery rally to continue towards the buy zone between $0.000511 and $0.000636.
- A daily candlestick near the $0.000356 level will invalidate the bullish argument.
SafeMoon, which traded in a very narrow range after more than doubling in May, faced a harsh correction move before it could get out of this range.
SafeMoon Price In A Decision Stage
SafeMoon price rose 197% between April 18 and May 26, hitting $0.00109. Since this rise, the altcoin has been struggling to find stable support levels. The price was supposed to be in the buy zone stretching from $0.000511 to $0.000636.
However, due to continued adverse market conditions, SafeMoon price Things got worse for him, leading to a quick break. As sellers continued to dump their holdings, SAFEMOON tried to retest the nearly 200% rise that occurred between April 18 and May 26.
As a result, SafeMoon price retested the low range at $0.000356 and bounced higher, embarking on a recovery rally. So far, SafeMoon price has risen by 33% and will likely continue to rise.
A rejection inside the buyer zone (between $0.000511 and $0.000636) looks highly likely and the upside limit for SafeMoon price will be here. This thesis is optimistic and assumes the possibility of a small extension of the ongoing aid rally.
Regardless of the bullish surrounding altcoins, including the SafeMoon price, a sudden drop in Bitcoin price could upset the bulls. In such a case, a daily candlestick near $0.000356 will invalidate the bullish argument.
This development could push the price down to price discovery mode, all-time lows.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.