- SafeMoon price shows recovery signs as the altcoin experience higher lows.
- The primary technical pattern predicts bullishness, aiming 55% surge.
- SAFEMOON has to break past $0.00000208 to fulfill this optimistic narrative.
SafeMoon has its price plunged to another low. The downtrend came after the Bitmart cyber-attack that saw the crypto trading platform losing assets worth $200 million. Nevertheless, SAFEMOON seems to prepare a massive upward move as it closes the gap to a crucial resistance zone.
SAEMOON Eyes 55% Upswing
The four-hour chart shows SafeMoon on a symmetrical triangle formation as the alt prints lower highs and higher lows. After the local bottom touched on 5 December at $0.00000103, SafeMoon stages a massive recovery, aiming a 55% upsurge to $0.00000321.
Meanwhile, SAFEMOON’s price has to surge past the governing chart pattern’s upper border at $0.0000208 to fulfill this bullish outlook. That level matches the 38.2% FIB retracement level. However, market players need to beware of a possible obstacle for the alt at 50 4Hr Simple Moving Average at $0.00000241. The level corresponds with a 50% retracement area.
Also read:SafeMoon would also encounter a hurdle at 100 4Hr Simple Moving Average at $0.00000274. This level converges with the 61.8% FIB retracement level. If buying momentum continues to surge, SafeMoon might hit its optimistic aim at $0.00000321, matching the 200 4Hr Simple Moving Average.
However, if sell orders witness a spike, SAEMOON might secure the nearest support at 21 4Hr Simple Moving Average at $0.00000185. Another defense line will showcase around the symmetrical triangle’s lower border at $0.00000176.
If Safemoon plunges beneath the support level mentioned earlier, it might experience a sell-off that may force SAFEMOON to lower price zones. That way, the altcoin would secure another foothold at 8 October low near $0.00000159, then 9 September low at $0.00000103.
For now, the $0.00000208 level remains critical for SAFEMOON’s massive rally. However, the crypto market seems to recover from previous losses. A broad-based market rally will be essential for this alternative coin rally. Remember, BTC has climbed to levels past $50,000 on Tuesday. Further upside actions by BTC will support surges in the crypto space.
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