Cryptocurrencies

Safemoon Price Prediction: SFM Appears To Be Done Here

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Written By: Abdullah Sarwar
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    Summary:
  • Safemoon price is lagging behind the most altcoins in the ongoing rally. The recent arrest of the top execs by the DOJ could be the final nail in SFM crypto's coffin.

Safemoon (SFM) price is really struggling to catch up with the ongoing rally in digital assets. In the last couple of weeks, altcoins, including the memecoins, have generated massive returns for their holders. 

However, the SFM crypto holders are just watching the show, waiting for their turn which may never come. 

In a typical crypto bull market, almost all cryptocurrencies rally in terms of the US dollar but this rally seems very different. This is because if you have a broader look at the altcoin market, you’ll see that many altcoins are still struggling to break above even the weakest of their resistances. 

One such altcoin is Safemoon, which is still down 98% from its all-time highs. Additionally, if we take into account the older version of the coin, then the outlook seems even more bearish for SFM coin.

This negative price action comes despite a strong surge in the Total 3 market capitalization, which is a measure of the overall valuation of the altcoin market.

Furthermore, at the start of this month, the US DOJ arrested the project’s top execs amid SEC’s fraud charges. This seems to have delivered the final blow to the hopes of SFM. Since then, the Safemoon price action has remained stuck in a relatively narrow range for such a memecoin.

SFM/USD Chart

This post was last modified on Nov 23, 2023, 19:00 GMT 19:00

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar