Safemoon label surged by 76% on Monday, Nov. 25, making it surely one of the vital tip-performing money in the replace.
Safemoon (SFM) token rose for the 2d consecutive day, reaching a high of $0.00002890, its very top stage since Nov. 1, and roughly 77% above its monthly low.
The rebound, nonetheless, used to be no longer supported by fundamental shopping and selling volume, which would maybe well well signal a crimson flag. Safemoon’s 24-hour shopping and selling volume used to be staunch $90,000, a modest decide for a coin with a market cap exceeding $31 million. This low volume will seemingly be as a result of dinky sequence of exchanges, equivalent to MEXC, Gate, and BitMart, which comprise listed the token.
The rally might per chance well simply comprise been spurred by the contemporary announcement referring to the Safemoon Wallet, now in open beta. The pockets, bought by The VGX Foundation by arrangement of a financial misfortune direction of, capabilities an NFT collections net page, a multi-characteristic calculator, a pockets tracker, and a dApp browser.
Safemoon’s label also climbed as consumers supplied the dip, noting its underperformance all the arrangement by arrangement of the broader crypto bull shuffle. Bitcoin label is sitting simply under $100,000 and the crypto alarm and greed index has reached the “coarse greed” stage of 88.
Historically, tokens from fallen angel cryptocurrencies indulge in Terra Luna Classic, Celsius, and Voyager Digital are seemingly to upward push all the arrangement by arrangement of classes of heightened risk appetite in the replace.
Safemoon label diagnosis: how high can SFM attain
The SFM token rebounded as it approached the tip of a symmetrical triangle chart pattern forming all the arrangement by arrangement of the last few months. On the total, resources skills bullish or bearish breakouts when the triangle nears its confluence level.
Safemoon is now attempting to interrupt above the 50-day and 100-day Exponential Exciting Averages. The upward trajectory of the Relative Energy Index suggests the token is gaining momentum.
Safemoon’s label will seemingly remain in its present vary as consumers stay conscious for extra catalysts. The ongoing rebound might per chance well well hassle off Anguish of Missing Out, potentially riding the price to the psychological stage of $0.0050. Conversely, a drop under the toughen at $0.00001618 would invalidate the bullish outlook.
