- SAFE price noted a massive speculative upmove and soared over 20% intraday.
- Technical indicators and market trends suggest extended bullishness ahead.
SAFE, the native token of Safe Wallet, witnessed a massive bullish rally following a listing on Upbit. Additionally, its wallet went multichain. Notably, the SAFE price has surged over 80% in the last 48 hours and registered a multi-month breakout.
Buyers have settled their upper hand this week by forming a ‘god candle’ near the $0.80 mark last month. The token has recorded a sharp breakout. The SAFE accumulator’s ratio has skyrocketed by 76%. This influx of new investors has come after the recent listing of $SAFE on Upbit.
Data from SpotonChain revealed that the five leading first-time accumulators have bought approximately 1.356 Million $SAFE. That was worth $2.24 Million. It has proven effective as these investors have over 6.7%, their value soared from $150,000.
Binance Will Launch SAFE Perpetual Futures- Just In
During the intraday session, more positive news arose for the SAFE crypto. The world’s largest cryptocurrency exchange continues its altcoin announcement.
The exchange said it will launch the SAFE/USDT perpetual contracts with up to 75x leverage. It starts at 12.30 PM UTC today.
SAFE Crypto Records Breakout: Can It Unfold Further Gains?
After hovering in a range for over two months, the SAFE price has registered a sharp breakout. The price crossed the $1 mark with a substantial rise in trading volume. It was trading at $1.66 at press time, noting an intraday rise of over 21.20%.
With a market cap of $769.35 Million, altcoin ranked 86th among the top 100 crypto coins. A golden crossover was observed; the 50-day EMA line crossed above the 100-day EMA. This conveyed that a subsequent bullish rally was imminent.
Considering this bullish scenario, the SAFE crypto price could continue increasing and hit the $2 mark this week. If the bullish sentiment persists, the altcoin will soon rally towards its ATH level of $4.01.
The Relative Strength Index (RSI) curve spiked to the overbought zone. That reflected a heightened buying pressure.
Also, the sharp spike observed in the Chaikin Money Flow (CMF) indicator pointed toward massive inflows in the market. SAFE price has reached the highest point of the upper Bollinger band and witnessed massive buying momentum.
Per the Fib levels, the altcoin has surpassed the 50% zone. It was eyeing to break the 61.8% region, close to $2.20.
SAFE Crypto’s Development Activity Surges
In addition to the SAFE price surge, the development activity data witnessed a significant rise. It pointed toward growth in the ecosystem. Recently, the curve witnessed a reversal sign and surged vertically, noting around 166 at press time.
With the growing optimism, market participants have made substantial long positions after the news spread of listing on exchanges. The Open Interest (OI) has risen over 14.89% to $18.66 Million. It witnessed prolonged buildup activity over the past 24 hours.
The immediate support zones for SAFE were $1.50 and $1.38. On the other hand, the upside hurdles were $1.80 and $2.10.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
