Briefly –
- Safemoon nears the support at $0.00000212, waiting for a price bounce.
- Magnified buyers’ activities might push the altcoin past the $0.00000264 resistance zone.
- However, increased bearishness to breach the support at $0.00000188 will annul the bullish narrative.
Safemoon (SAFEMOON) traverses a bullish formation, confirming possibilities of further surges in the upcoming future. As much as the asset may climb higher, increased selling pressure to breach the coin’s immediate support could be fatal to the token.
SafeMoon Anticipating Highs
Safemoon has witnessed price consolidation since 26 May, forming three lower highs and several lower lows. Connecting the asset’s swing points creates a descending parallel price channel.
Meanwhile, on 25 August, SAFEMOON overpowered this technical picture, rising by 38%, tagging the resistance zone at $0.00000316 before a magnified sell-off emerged to push the token lower. With the crash, Safemoon saw its price heading to the $0.00000212 support barrier. The asset is likely to retest this support before rising higher.
Investors may wait for buying pressure resurgence near the mentioned demand area, catalyzing a 50% surge towards $0.00000316. Moreover, SAFEMOON has a probability of tagging the following resistance zone at $0.00000346.
Meanwhile, inadequate bullish momentum around the support at $0.00000212 might see Safemoon value in a tight range, and it might experience massive plunges afterward. A decisive price close beneath the demand barrier at $0.00000188 will cancel the bullish narrative as the alt will form a lower low.
With bearishness dominating, the alternative crypto will see downtrends towards the support near $0.00000153 then $0.000000940.
On the other crypto news, BTC-USD stands at $47,008.0 after the $46,904.0 low and $48,915.7 high. The leading cryptocurrency enters a third consecutive session with bearishness. BTC declined on Monday due to the latest sell-off by the crypto market.
Yesterday, Bitcoin saw value losses as El Salvador residence showed up in the streets, demonstrating against the upcoming BTC law on 7 September. Keep in mind that economic agents in the nation will have to accept dollar and BTC payments according to the law. Such news had BTC exhibiting a negative bias. Due to correlation, SAFEMOON will see higher movements when the dominant crypto achieves uptrends.
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