Safemoon price analysis: SAFEMOON bounces back as market recovers

The cryptocurrency market finally recorded a win this week after spending the first few days recording losses

The cryptocurrency market didn’t start the week in an excellent fashion. The prices of most coins dropped by more than 10% in the past week, with some of them dropping from their all-time highs. Bitcoin lost its support above $47,000 and dropped below $42,000 earlier this week. The losses recorded by the leading cryptocurrency resulted in other coins also experiencing a bearish trend.

Ether fell below the $3,000 mark for the first time in weeks after losing more than 10% of its value earlier this week. However, it is now up by 6% in the past 24 hours and is trading above $3,100 again. The bulls could look to push ETH towards the $3,500 mark over the coming hours and days.

Cardano (ADA), Binance Coin (BNB), XRP, Solana (SOL), Polkadot (DOT) and Dogecoin (DOGE) are all up by more than 4% over the past 24 hours. Solana remains the biggest winner amongst the leading cryptocurrencies at the moment.

Safemoon has enjoyed the market recovery over the past 24 hours, and its price is up by over 4% so far. It could look to establish further gains over the coming hours.

Safemoon price outlook

The SAFEMOON/USD 4-hour chart is starting to look bullish after spending the past few days in deep bearish terrains. The MACD line will soon cross into the bullish region following the recent gains, while the Relative Strength Index (RSI) of 45 indicates that it is currently in a neutral zone, which is better than the previous oversold territory.

Safemoon 4-hour chart. Source: https://invst.ly/w3xos

 At the moment, SAFEMOON is trading at $0.000001459 per coin. If the current market conditions are retained, it could soon surpass the first major resistance point at $0.00000224. An extended market rally could see SAFEMOON make a move towards the second resistance point at $0.00000280. Unless the rally extends further, the resistance level at $0.00000310 should limit further upside.

In the event the bears return, SAFEMOON could drop towards the first major support level at $0.000001128. An extended sell-off could see SAFEMOON lose another zero and trade around the $0.0000009 level in the coming hours and days.