Since the recent collapse of the FTX crypto exchange, the Safemoon price has mostly traded in tandem with the general crypto industry trend. In the past few trading sessions, it has followed the industry’s general trend, trading sideways since November 23.
Throughout the year, Safemoon has faced a myriad of challenges, including accusations that it was using celebrity endorsements to manipulate its price, which has resulted in some investors filing lawsuits against the company.
The project has also been accused of being a Ponzi scheme by some observers, which has also contributed to its year-to-date drop of over 80 per cent. The general cryptocurrency market being bearish has also partly contributed to the current bearish trend of the industry, and due to its significant correlation, it signals that we might continue to see Safemoon price continuing to drop in the markets for the long term.
Safemoon Price Forecast
As seen from the above analysis, the negative sentiments, the market trends and most analysts’ predictions suggest a likelihood that we may be at the start of another Safemoon bearish trend.
This is confirmed by the recent price action, which has resulted in Safemoon dropping by `5 per cent in today’s trading session. Technical indicators such as the Williams alligator also show a high likelihood that we might continue to see Safemoon falling further.
Therefore, my safemoon price prediction expects it to continue falling for the next few trading sessions. There is a high likelihood that we might see prices dropping below the $0.00020 price level in the coming sessions. It is also highly likely we might not see a safemoon recovery for the remaining weeks of the year. However, a trade above $0.0003 price level will invalidate my analysis.
Safemoon Daily Chart
