SafeMoon Price Prediction: Why SAFEMOON is Struggling?

Summary:
• Since March 31, 2022, Safemoon's price has dropped by more than 33 per cent, a sign that the crypto is on a downward trend.

Since March 31, 2022, Safemoon’s price has dropped by more than 33 per cent. However, in today’s trading session, the cryptocurrency is showing signs of recovery despite recording a percentage point loss in the market.

The past 24 hours have also seen the trading volume of Safemoon decrease by 33 per cent. Safemoon worth $3.9 million was traded in the past 24 hours. Even with such a drastic decline in the trading volume, the cryptocurrency was still able to gain almost 1 per cent in the past 24 hours.

What is safemoon?

Safemoon was launched last year and quickly became one of the most popular cryptocurrencies in the market. This was in part due to good marketing that included endorsements from sports blogger David Portnoy, rapper Lil Yachty and YouTuber Jake Paul. These endorsements saw the cryptocurrency continuing to climb in the cryptocurrency market.

Finally, on January 4, 2022, the push to have the cryptocurrency trading high paid off, and Safemoon set its all-time highs of $0.007232. Unfortunately, since then, the prices have dropped by 88 per cent, to the current price of $0.0008697.

The push and endorsement of the cryptocurrency were not surprising. As its name suggests, the cryptocurrency marketed itself as having the potential to increase in price drastically. However, the cryptocurrency is cheap and only charges a 10 per cent fee whenever you sell a token.

Safemoon Price Prediction

Looking at the daily chart below, it is evident that Safemoon is on a slow decline. In 2022 alone, the cryptocurrency has lost more than 88 per cent of its value. This was after setting its all-time price high of $0.007232. The current prices also show a struggling cryptocurrency, finding it hard to maintain its trading volume.

This is evidenced in the last 24 hours, where the crypto has lost over 30 per cent in trading volume. Therefore, my Safemoon price prediction expects the prices to continue with the bearish move. There is a high possibility of the prices hitting the $0.0007 support level and trading below it.

Safemoon Daily Chart