Bitcoin News

Safemoon Price Closes In On Its Low Point In 2022

Bullish traders are running for the hills as the Safemoon price has began this week’s trading session with a steep decline. The breach eliminated the liquidity below May’s swing low of $0.0002716 and might be the first indication that Safemoon is about to fail.

The price of Safemoon is presently $0.000280. The only encouraging signs to be cautious of are the very low volume and the SFM hovering over a parallel channel that is now declining. 

In addition, the Relative Strength Index has crossed the boundary that enables bulls to continue supporting the SFM price. All attempts at bullish retribution were rebuffed by the 8-day exponential moving average and the 21-day simple moving average.

Combining these elements, Safemoon’s price may experience a startling drop in the upcoming days. A bearish objective for the contentious cryptocurrency was previously indicated as being in the $0.0001100 region. The price drop would be 60% less than what it is now for Safemoon.

If the bulls are able to overcome both moving averages, the bearish thesis may be proven false. In response, there might be a rally towards the area of earlier congestion around $0.0003950, which would increase the price of Safemoon by 50%.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.