- The 50-day EMA became a supporting slope for the SFP price.
- The SFP price is trading at $0.5809 while observing a decline of -3.36% during the intraday trading session.
SafePal (SFP) was launched in 2018. It is a cryptocurrency wallet, that helps users protect their digital assets. It provides software and hardware wallets, which are paired and managed through the SafePal application.
The recent Performance of the SafePal
The SFP price has started its bullish rally from the $0.3011 level on June 2023. The price has recovered more than 130% of its value during this period. By far, it is moving toward the high liquidity point.
In August 2023, the price gave a breakout from the falling wedge pattern (FWP). After that, the 50-day EMA also made a bullish crossover with the 200-day EMA. It confirms the bullish sentiments in the price structure.
Now, the SFP coin is sustaining above the resistance of the (FWP) at $0.5313. This level may play a key role in the continuation of the uptrend. At present the price got rejected from the immediate resistance at the $0.6387 level.
SafePal (SFP) token holds a total market capitalization of approximately $245,626,288 with 420,833,333 SFP coins’ circulating supply.
Technical Analysis and Price Prediction of the SFP
The 50-day EMA has made a bullish crossover with the 200-day EMA, indicating a strong bullish sentiment in the current price level. It may be seen in an uptrend if it doesn’t close below both the EMAs. At present, the 50-day EMA is at the level of $0.5648 and the 200-day EMA is at $0.4981.
The price is currently trading at $0.5815 after getting support from the 50-day EMA. However, it formed two bearish candles with a long rejection wick in the last two trading sessions. It represents the selling pressure given by the Bears. As per the trend, the price is moving toward the $0.7430 resistance.
Furthermore, the Relative strength index (RSI) shows some bearish hidden divergence. It indicates that the price may touch the trendline formed below and then it may continue its bullish rally.
Conclusion
The SFP price is trading in an uptrend, so the price prediction for the crypto will be bullish. The price has currently faced resistance from the $0.6387 immediate resistance, which led to the rejection of that level. So, if the price breaks above $0.6387, it may rise to the $0.7430 level. Suppose it closes below the trendline, it may fall to the $0.4006 level.
Technical Levels
- Resistance Levels: $0.6387 and $0.8110
- Support Levels: $0.4850 and $0.4006
Disclaimer
The views and opinions stated by the author, or any person named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.