Our Safemoon price prediction is still bearish as the price has failed to gain any momentum. SFM price has been experiencing a sideways movement for many months. Although many cryptocurrencies have shown noticeable recoveries within the last weeks, Safemoon is yet to generate a bottom signal.
Most memecoins started the week with massive price gains. The dogcoins like DOGE and SHIB gained 25%-30% within the first 3 days of the week. However, Safemoon price remained largely unaffected amid this week’s memecoin run. SFM is still trading at the critical level of $0.0004.
The $0.0004 level has become very significant for Safemoon crypto as the price has retested this region multiple times. Nevertheless, the support has become very weak after too many retests and might break soon. Bulls need to reclaim the $0.00051 level to boost investor confidence.
According to Safemoon news today, it is the top project by daily social engagements on Binance Smart Chain. As per BSC news, the project has a total daily engagement of 4.80 million.
A look at the SFM USD price chart depicts a sideways price action between the $0.0004 and $0.00010 levels. Price appears to have found strong support at $0.00004. The severe downtrend in the memecoin price suggests that many short-term traders are realizing their losses. If the price closes a daily candle below the $0.00004 level, then it is likely to retest the May low of $0.000027.
Safemoon price prediction is likely to stay bearish as long as the price remains below $0.00010. A breach of the $0.00004 level might trigger another bearish leg for SFM. The bulls need to bring their A-game to the table to avoid such a catastrophic scenario.
Another factor likely to affect SFM price is the BTC price action. If Bitcoin gains strength above the $25,000 level, then a strong recovery in altcoins is also expected. On the other hand, altcoins are likely to nosedive in case of another BTC slump.
This post was last modified on Aug 18, 2022, 12:03 BST 12:03