Trying to be one of the rising stars of the altcoin world, this altcoin is trying to maintain its current status, and if it succeeds, there is a high probability of a 20% or even higher rally in price. Here are the altcoins and the levels to watch out for.
SafeMoon, one of the most followed names in the altcoin world, is trying to prove that it is still in the game, although the price has recently reflected the rising and falling movements as a mix. If SAFEMOON sustains the $0.0000159 support level, there could be a 20% rally in price. At the same time, a break of the $0.00000140 low will invalidate the bullish argument.
Safemoon price has started to move up quite slowly lately as it has been trying to establish itself above a solid support level. If Safemoon breaks above its current support level, it will be in a position to attract investors’ attention and may rally by 20% or perhaps higher.
Since September 6, Safemoon has made three lower highs (which can be translated as falling highs) and two lower lows (which can also be translated as lowering lows) on its price. When the trend lines of these levels are combined, a descending wedge formation appears. This technical analysis states that the rise in price will be 38%, which will be $ 0.0000182.
On September 29, SafeMoon price increased by 30% on average, breaking the upper trendline of the falling wedge. Since then, SAFEMOON is up 19% and is currently hovering above the $0.0000159 support base.
This level is very important for Safemoon price and a rise from this level could allow Safemoon price to continue up 20% after retesting the $0.00000189 resistance level.
With things on the line for SafeMoon price, a break of the immediate support base of $0.00000159 will indicate that selling pressure is increasing and allowing the bears to take control.
On the other hand, in a situation where SafeMoon price breaks down to $0.00000140 to create a new low low, the bullish thesis will be invalidated. This move could also potentially lead to dips towards $0.00000130 or lower.
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.