SafeMoon has dropped to a new low following the Bitmart hack that witnessed over $200 million stolen from the Cryptocurrency exchange. However, SAFEMOON price appears to be gearing up for a massive move toward the price upside as it nears a critical resistance level.

SafeMoon price eyes 55% ascent

SafeMoon has formed a symmetrical triangle pattern line on the 4-hour chart, as the token creates higher lows and lower highs. Following the local bottom reached on December 5 at Price of $0.00000103, SAFEMOON price is preparing for a major price recovery, targeting a 55% upswing toward $0.00000321.

 In order for the bullish outlook to be validated, SafeMoon token price would need to slice above the upper boundary of the prevailing chart pattern at price of $0.00000208, coinciding with the 38.2% Fibonacci retracement level.

Investors should note that additional resistance level may emerge for SafeMoon price at the 50 four-hour Simple Moving Average at price of $0.00000241 corresponding to the 50% retracement level.

SafeMoon price would also face an obstacle at the 100 four-hour SMA at price of $0.00000274, which intersects with the 61.8% Fibonacci retracement level. Should buying pressure continue to increase, SAFEMOON price may eventually reach its optimistic target at $0.00000321, coinciding with the 200 four-hour SMA.

However, if a spike in sell orders occurs, SafeMoon token may discover immediate support level at the 21 four-hour SMA at $0.00000185. An additional line of defense will emerge at the lower boundary of the symmetrical triangle pattern at $0.00000176.

 If SafeMoon token price slides below the aforementioned support, this could trigger a sell-off that could see SAFEMOON price at risk of sliding lower. However, the token would find additional foothold at the October 8 low at price of $0.00000159, then at the September 9 low at $0.00000103.

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