The safemoon price is up by per cent in today’s trading session, extending an aggressive bullish trend that started on November 23 and which has seen its value rise by 16 per cent in under a week. The current price resurgence follows the recent Safemoon crash that resulted in its prices falling by more than 50 per cent in response to the FTX crypto exchange collapse.
However, despite the recent price surges, Safemoon is likely to start trending in tandem with the cryptocurrency industry, especially in situations where it is suffering a downturn. Unfortunately, based on recent data and news that crypto firms such as BlockFi are filing for bankruptcy, it is likely that we might see another bearish industry trend.
Due to Safemoon’s significant correlation with the industry, the downturn in the industry will also see its prices getting dragged down. There is also a high likelihood that the industry may not regain its stability this year, which will also see Safemoon’s price struggling for the remainder of the year.
Despite being in an aggressive bullish trend, which has seen its price rise by over per cent in the past week, Safemoon’s price prospect of continuing with the bullish trend will majorly depend on cryptocurrency industry trends.
Therefore, combining today’s bullish push with other market factors and trends of major coins such as Bitcoin indicates that we might see the current bullish trend ending soon and Safemoon price starting another bearish trend.
Therefore, my long-term Safemoon price prediction is to the downside. There is a high likelihood we might see it hitting the recent price low of $0.00022 support level and possibly trading below it. However, should the current bull push trade above the $0.00030 price level, then my bearish analysis will be invalidated.
This post was last modified on Nov 30, 2022, 12:07 GMT 12:07