Safemoon price has shown an increase depicting the entrance of bulls into the market, although the bearish moment is not out of sight yet.
The price of SafeMoon is currently trading just over a recently flipped resistance level. It indicates that a retest of this barrier, followed by a rally, is likely.
The Safemoon price is aiming for a new high.
The price of SafeMoon sliced through the resistance level at $0.00000295 and turned it into a support level. On July 9, SAFEMOON formed an equal low of $0.00000272, triggering a 12% increase.
The most likely scenario for SafeMoon price is a retest of $0.00000295, followed by a flood of buyers pushing it to the supply barrier at $0.00000338.
If the bulls break over this resistance, the obvious objective would be $0.00000374, a 22 % increase over the current price of $0.00000304.
A closure above this level would be significant because it would imply the establishment of a higher high after an almost 21-day downswing. SAFEMOON could be catapulted to $0.00000412 as a result of such a move, triggering FOMO.
If bulls can clear these levels, the altcoin will be able to retest the range high of $0.00000470.
While the bullish narrative makes sense, investors should keep an eye out for a rapid reversal that turns the $0.00000295 support level into a level of resistance. Market players should expect a 7% drop in price to $0.00000272 if this happens.
If the SafeMoon price falls below the range low of $0.00000257, the positive outlook will be invalidated, resulting in a 22% drop to $0.00000198.