Not much has changed since our previous Safemoon price prediction. The price is still trading inside the same range as the top memecoin bores its ‘hodlers’. However, the patience of the Safemoon community is being tested to the limits as they wait for their SFM bags to pump. The bearish Bitcoin price action has sent Safemoon crypto into a downward spiral, and the coin is currently 86% down since January 2022.
Safemoon V2 was launched in December 2021. After the launch, the SFM price soared for a couple of weeks before taking a nosedive. This update also included a token migration from the old contract to the new contract with 1000:1 redenomination. Due to the ongoing crypto slump, most memecoins are trading at just a fraction of their all-time high prices of last year.
According to Safemoon news, the project has reached the Round 3 of the LBank exchange’s Crypto Playoffs. The tournament aims to crown the strongest crypto community based on the votes. Safemoon community would face the Quack community in the round 3 match.
Technical analysis of the SFM USD price chart depicts a range-bound price action between $0.001 and $0.0004 levels. The price has faced multiple rejections from the range highs. After getting rejected from the mid of this range, the price is looking to retest the range lows once again. It must be noted here that Safemoon price prediction could only flip bullish in case of a breakout of this range.
SFM price is also correlated with the Bitcoin price action. Therefore, a new Bitcoin low might send the coin into a death spiral. Short-term traders must keep their stop loss below the $0.00028 price level to avoid such a catastrophic scenario.
Most investors are flocking away from risky bets like memecoins due to the prevailing risk-off approach in the market. Nevertheless, a resurgence of such coins after a Bitcoin relief rally could not be completely ruled out.
This post was last modified on Jul 06, 2022, 08:04 BST 08:04