Path of least resistance appears to the downside
SafeMoon is attempting a price recovery from two-week lows of $0.000002769 on Saturday, as the bears catch a breather after two straight days of declines.
There is no encouraging news for SAFEMOON Coin, as chart-driven price movements continue to lead the way amid a lackluster performance seen across the cryptocurrency market.
The meme-based coin is currently consolidating the recent downside around the price of $0.0000028, shedding 4% on the week.
SAFEMOON’s technical setup on the daily price chart paints a bearish picture, despite the latest uptick.
The price confirmed a downside breakout from a symmetrical triangle pattern on Friday, paving the way for deeper losses.
Therefore, SafeMoon price bears remain poised to test the key support near $0.000002765, below which the price of $0.0000020 psychological level could be put at risk.
The Relative Strength Index trades flattish while within the bearish territory, keeping the bearish price undertone intact for SAFEMOON. Â
Alternatively, if the buyers find acceptance above the triangle support-turned-resistance level at $0.000002912, then the rebound could gain momentum towards the bearish 21-Daily Moving Average at $0.000003022.
Further up, the triangle resistance level at $0.000003131 could come into play, which is taken out on a daily closing basis would invalidate the bearish pattern breakdown. Such a move may then call for a bullish reversal in the near term.
XLM/USD: Downside potential remains intact amid bearish technical setup
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