- SAFEMOON coin price is currently seeing a strong consolidated trend but can soon see a major breakout. It has seen an upside of more than 2% in the intraday session.
- Technical indicators of SAFEMOON suggest a consolidated trend. In contrast, SAFEMOON/BTC pair has seen a loss of more than 3%.
SAFEMOON coin is currently ranked 217th in the crypto-verse with very low market dominance. The volume of the asset suggests a downside momentum in the price for the future. The volume to market cap ratio of the token suggests a strong consolidation for the future. If the ratio jumps above 0.8 then a strong upside trend in the token can be seen.
Why Invest In SAFE MOON Coin?
SAFEMOON coin is a decentralized finance token that is used for various purposes.SafeMoon protocol has been a combination of RFI tokenomics and an auto-liquidity generating protocol. They also plan to develop a non-fungible token that can be used for various charity purposes. Safe Moon Protocol has been trying to expand its NFT marketplace and coin launchpad that will allow users to create their own cryptocurrency. They are trying to solve a big problem in the emerging DeFi industry which is the existence of high APY LP-farms that don’t have easy access for newcomers to the space. Their “reflect mechanism” adds incentive for SafeMoon holders to keep their tokens for longer, or HODL. One can invest in the asset as per their needs and risk capacity.
Technical Indicators Of SAFEMOON Suggests A Bearish Trend
SAFEMOON is currently in a bearish momentum and can soon see a strong upside trend in the future. Coming to the daily chart, the asset has been in a consolidation zone. The upside momentum of SAFEMOON may see a hostility near $0.000002. The downside momentum of the asset can see a bounceback near $0.0000011. If the asset price sees a breakout above the consolidation zone then a new high can be seen. SAFEMOON/BTC pair can see a strong upside trend in the future.
Conclusion
SAFEMOON coin price is currently in a strong consolidation zone and can soon see a new high in the future. SAFEMOON/BTC pair might also observe a strong upside. One should do their due diligence before investing in SAFEMOON.
Technical Levels
Major Support: $0.000001
Major Resistance: $0.0000022