- SafeMoon’s price has found it challenging to break out of the ruling downtrend over the past five months.
- SAFEMOON needs to rise towards $0.00000288 to achieve a 60% rally.
- However, falling below $0.00000173 could spell trouble for the bulls.
SafeMoon’s price stands in a downtrend since May 23, with little ambition to reverse the period of sluggish performance. While the altcoin stagnates in the prevailing consolidation chart pattern, a break above $0.00000288 could spell trouble for the bearish.
SafeMoon price prepares to fight resistance
The price of SafeMoon stands inside a parallel descending channel on the daily chart since May 23, with little luck breaking the pattern. However, the altcoin may be anticipating an upside move as a bottoming rounding pattern has emerged.
The price of SAFEMOON has formed a floor pattern on the daily chart, which indicates that the downtrend will soon be retraced. A rounded floor pattern indicates a 60% rise from the resistance line as bulls aim for $0.00000465.
However, SAFEMOON has a few hurdles to overcome before a bullish forecast is possible. The 505 Fibonacci retracement is at $0.00000252 and the upper boundary of the parallel channel is at $0.00000279.
The next hurdle for SafeMoon price would be the 61.8% Fibonacci retracement at $0.00000288. After increasing buying pressure coupled with a break above this level, the upside target will appear on investors’ radars.
Further resistance may appear at the 78.6% Fibonacci retracement at $0.00000338
The next levels of resistance are the 78.6% Fibonacci retracement at $0.00000338, the 200-day simple moving average (SMA) at $0.00000348, and the Aug. 28 high at $0.00000400400.
When selling pressure increases, SafeMoon price could find support at the 21-day SMA at $0.00000193, before falling toward the 50-day SMA, which coincides with the 23.6% Fibonacci retracement at $0.00000173.
If the bears are able to take control and drive SAFEMOON lower, the bullish outlook will be negated, and the altcoin may fall towards the middle midline of the chart pattern at $0.00000124.