The safemoon price is down by 50 per cent since June 1. Unlike other cryptocurrency projects that have recently shown an aggressive push to the upside in the past few months, Safemoon has been very consistent in its downward trend.
In fact, looking at the data from early this year, when Safemoon hit its all-time price high of $0.007232, the crypto has fallen by 94 per cent. One of its biggest undoing throughout the year has been underperforming the markets. For instance, in the past few months, the cryptocurrency industry has had some streaks of weeks where the conditions have been very positive. During this time, the Safemoon price failed to keep pace with the resurgence of the industry.
However, during the bearish trend of the industry, we have seen Safemoon price coming much down with much force than the combined industry average. Therefore, its prices performed worse regardless of what has been happening in the markets.
In today’s trading session, the Safemoon price is up by 2 per cent. After hitting the $0.00036 support level, the prices failed to break to the downside. Instead, in the past five trading sessions, the prices have traded either upwards or sideways.
Therefore, today’s rise in the markets is a continuation of a trend that started five days ago. Looking at the chart below, there is a high likelihood that the current bullish trend will continue for the next few trading session. My Safemoon price prediction is the prices will hit the $0.00044 resistance level.
There is also a high likelihood we may see prices breaking the price level and trading above $0.00045. My analysis will only be invalidated should the prices move below the $0.00036 support level. At that level, it will be clear that Safemoon is not yet done with its downward move.
This post was last modified on Aug 25, 2022, 16:43 BST 16:43