bullish

Reversal

The post <a href="https://coinpedia.org/price-analysis/safe-price-reversal-eyes-breakout-run-with-golden-cross-for-a-2x-rally/" rel="noopener noreferrer nofollow">SAFE Price Reversal Eyes Breakout Run With Golden Cross For A 2x Rally!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
As the crypto market struggles to carve a decisive path, the SAFE price struggles to sustain the recovery rally in motion. Following the sudden reversal and increased hopes of a bull run, the altcoin struggles to reach $1 amid a broader market correction.
Will the SAFE price reversal rally manage to surpass the 200 EMA to hit $1?
<h2 class="wp-block-heading" id="h-sudden-brakes-for-a-bullish-recovery-nbsp">Sudden Brakes For A Bullish Recovery&nbsp;</h2>
In the 4-hour chart, the SAFE price action reveals a triangle breakout rally after a massive bearish trend. The bearish trend led to the generation of the overhead resistance line and resulted in multiple bearish reversals.&nbsp;
<figure class="wp-block-image"><img decoding="async" width="1600" height="764" src="https://image.coinpedia.org/wp-content/uploads/2024/08/29150344/image-544.png" alt="SAFE 29th aug 2024 price analysis" class="wp-image-344174" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/29150344/image-544.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/08/29150344/image-544-300x143.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/29150344/image-544-1024x489.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/29150344/image-544-768x367.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/29150344/image-544-1536x733.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/29150344/image-544-150x72.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
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Furthermore, the 50 EMA, in alignment with the overhead trendline, acted as a dynamic resistance. The bearish trend accounted for a drop from the $1.4310 peak in July to the $0.6480 support level in August, accounting for a 54.76% price drop.
However, with the bullish turnaround forming a supporting trendline, the SAFE price formed a triangle pattern and led to a breakout run. Furthermore, a post-retest rally reclaimed the 50 EMA and challenged the 200 EMA at $0.89.&nbsp;
Retracing Fibonacci levels over the correction phase revealed a resistance level at $0.83, the 23.60% Fibonacci level. Currently, the pullback from the 200 EMA takes a stand at the 50-day EMA and struggles to surpass the 23.60% level.&nbsp;
The SAFE price also struggles to reclaim bullish momentum after the 8.68% drop, resulting in a bearish engulfing candle. Furthermore, the 4.58% jump since the price drop struggles to experience a higher price rejection from the 23.60% level.&nbsp;
Technical Indicators:
MACD: The MACD indicator in the 4-hour chart shows a bullish crossover impending in the MACD and signal line.&nbsp;
EMA: The consolidation between the 50 and 200-day EMA results in a decreased bearish gap, which increases the possibility of a golden crossover.&nbsp;
<h2 class="wp-block-heading" id="h-will-safe-price-hit-1">Will SAFE Price Hit $1?</h2>
A bullish reversal above the $0.83 mark could result in a 200 EMA breakout and challenge the 38.20% level at $0.94. In case of a broader market recovery, the SAFE price could find overhead resistances at the 50% and 61.8% levels at $1 and $1.13, respectively. On the flip side, the support levels are at $0.70 near the trend line and $0.64.
Check the price prediction of SAFE’s top rival&nbsp; <a href="https://coinpedia.org/price-prediction/zcash-zec-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">ZCash (ZEC)</a>

SAFE Price Reversal Eyes Breakout Run With Golden Cross For A 2x Rally!

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