Safemoon (SFM-USD) price had a very disappointing start of 2023 when compared to other altcoins. Since the start of this year, crypto markets have exhibited a remarkable recovery. Most altcoins have generated exponential gains since their last year’s lows. However, Safemoon crypto has failed to show a significant recovery.
In the first few weeks of the year, SFM showed gains as the price increased by 34%. However, the price lost most of its gains in February as Bitcoin failed to break above $25,000. Consequently, Safemoon has plunged 23% since its February peak and now trading at $0.0002602.
Safemoon emerged as one of the most popular memecoins in 2021 as the crypto hype took over the mainstream. The price generated astronomical gains in 2021, making many holders rich overnight. However, Safemoon price crashed as BTC topped at $69,000 and has been in a severe correction since then.
If you’re wondering how to buy Safemoon, then the best place to buy is Pancakeswap. It is a decentralized exchange on the Binance Smart chain. You can transfer funds to the Binance chain by signing up on the Binance exchange within a few minutes.
According to Safemoon news today, the official Twitter handle of the project has gained 1.3 million followers. This makes the Safemoon community one of the biggest memecoin communities. In other news, Safemoon has listed Revoltance on its exchange Safemoon swap.
After a good start to the year, SFM-USD couldn’t keep the momentum, and the price is correcting now. The price failed to break above the November high of $0.003 and has corrected 16% since then. The 200-day moving average lies at $0.0002979 and has also become a huge resistance. As long as the price stays below $0.0003, our Safemoon price prediction would remain bearish.
The performance of Safemoon has been very ordinary when compared to other memecoins like SHIB and DOGE. Another memecoin Floki Inu just surged by more than 85% on Elon’s tweet in February 2023. However, if BTC-USD reclaims $25,000 level then SFM price could also retest $0.0003 level once again.
This post was last modified on Feb 17, 2023, 10:14 GMT 10:14