SAFEMOON price rebounds from a two-week low, although it still lies in the bearish region.
As the bears take a vacation after two days of falls, the SafeMoon price is seeking recovery from two-week lows of $0.000002769 on Saturday.
There is no good news for SAFEMOON, as chart-driven price fluctuations continue to lead the way despite the crypto market’s poor performance.
The meme-based coin is currently consolidating its recent losses around $0.0000028, down 4% this week.
Despite the recent rise, SAFEMOON’s technical setup on the daily chart depicts a gloomy picture.
On Friday, the price confirmed a negative breakout from a symmetrical triangle, setting the stage for any further losses.
As a result, SafeMoon bears are prepared to challenge important support of $0.000002765, below which the psychological level of $0.0000020 could be jeopardized.
The Relative Strength Index (RSI) trades flattish while in the bearish zone, maintaining SAFEMOON’s gloomy undertone.
Alternatively, if buyers find approval above the triangle support-turned-resistance level of $0.000002912, the rebound could accelerate towards the bearish 21-Daily Moving Average (DMA) level of $0.000003022.
Further up, the triangle resistance at $0.000003131 could come into play, invalidating the bearish breakdown if it is broken on a daily closing basis. In the short run, such a move could lead to a bullish turnaround.
