SafeMoon is traversing a bullish price pattern and shows signs of further gains in the near future. While a price upswing seems likely, a spike in selling pressure that shatters immediate support levels will be fatal for SAFEMOON.
SafeMoon has been consolidating since May 26, setting up three lower highs and multiple lower lows. Connecting these swing points using trend lines results in the pattern of a descending parallel channel.
SAFEMOON's price broke out of this technical setup on August 25 as it rose 38% to tag the resistance level at a price of $0.00000316, but an increased sell-off pushed it lower.
The crash has brought SafeMoon's price back to the support level barrier at $0.00000212 and is likely to retest it before heading higher.
Investors can expect a resurgence of buying pressure around the said demand level, triggering a 50% price upswing to $0.00000316.
In some cases, SAFEMOON's price might even tag the subsequent resistance level at a price of $0.00000346.
On the flip side, bulls fail to make a comeback near the $0.00000212 support level, which would SafeMoon price in a tight spot and open for massive crashes. A decisive close below the $0.00000188 level demand barrier will invalidate the bullish thesis by setting up a lower low.
This move could further trigger downswings to a price of $0.00000153 or $0.000000940 support level.
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