Safemoon price flips the bearish divergence and initiates an upswing since the early trading hours
The validation for the bullish trend depends on surpassing certain levels, else a bear trap is much awaited for the asset
Safemoon price gained huge attention and adoption within a small time frame, and hence a decent recovery was looked at. After the asset dropped massively around $0.00000284, the price was expected to dip more, yet a huge bounce with an induced buying uplifted the price.
Whether the current upswing is the beginning of an uptrend may be a little early to say, yet further dip is halted as of now. Moreover, the right time bounce at the support levels could signal the resurgence of buyers. As the trading volume has raised from $11miliion to $15 million since the previous trading day.
The Safemoon price is on the verge to test its first resistance levels around $0.000003237. However, the next levels are pretty higher and an extra boost may propel the levels above $0.000004765. In the meantime, if the bears gear up and capitulate the market, the lower support levels become more important to sustain.
The traders or especially the bulls need to take note that the previous week’s plunge was mainly due to squeezed demand. And hence, the upswing could be validated once the losses are recovered to a certain extent. Moreover, the first resistance level needs to be attained and sustained.
- The resistance levels are at $$0.000003237
- The support levels are at $0.0.000002957
- The indicators are currently neutral and may flip to a buy signal soon