SafeMoon's price was consolidating inside a price bullish pattern. However, recently, this pattern was breached toward the upside, indicating a price bullish breakout confirmation. Going forward, investors can expect this uptrend to continue.
SafeMoon price has been setting up higher lows and lower lows since May 20. By connecting these swing points using trend lines, a falling wedge pattern forms.
This bullish setup forecasts a 77% price upswing, determined by measuring the distance between the first swing high and swing low. Adding this distance to the breakout point at a price of $0.00000212 reveals a target of $0.00000377.
As of August 6, SafeMoon's price breached the upper trend line, indicating a breakout. Therefore, investors need to pay close attention to the resistance levels that are present between the current position and the forecasted target at a price of $0.00000377.
In some cases, the uptrend might be halted by the ceiling at a price of $0.00000264 since it served as a crucial support level before it was breached on July 19.
Therefore, confirmation of the price of upswing will arrive after SafeMoon price shatters $0.00000264.
While things seem bullish for SafeMoon, a potential spike in selling pressure that pushes the altcoin back into the falling wedge pattern will indicate a weakness among buyers.
If this downswing slices through the lower trend line level, the trend will likely shift towards the bears.
A breakdown of the $0.00000157 level will invalidate the bullish thesis and, in some cases, open the path to retest the $0.000000940 demand barrier.
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