Our Safemoon price prediction might not be encouraging for the bulls as the price keeps on making lower lows. The slump in Bitcoin price has triggered a bloodbath across the crypto market. Safemoon crypto has also been affected, and it is trading 86% below its January highs. There appears to be a massive resistance around $0.0012-$0.0014 region as the price has faced multiple rejections from that level.
The team launched the new version of Safemoon crypto in December 2021 with a new token contract. This new version is trading on exchanges with the ticker symbol SFM. Most of the token holders from the old version have already migrated to the new version. Unfortunately, this update failed to boost investor confidence as the sell-off continued in the later months.
According to the official Safemoon news, the new version of the Safemoon wallet is now available for android and iOS users. Although the project was merely a memecoin in its early days, the team has worked hard to develop an ecosystem around it. The team has already delivered a working DEX and a mobile wallet for multiple platforms. Safemoon card is another product under development which may roll out later this year.
Safemoon Price Prediction
Technical analysis of the Safemoon USD price chart shows that the coin has been in a continuous downtrend since January 2022. Price hit its peak of $0.0034 on 5th January 2022 and now trading at $0.0004. This translates into an 86% loss within 4 months. It also suggests that many early investors might have already cashed out.
Before any bullish Safemoon price prediction, the coin needs to break out of the downtrend. SFM price needs to close out the downwards trendline making a higher high on the daily chart. The $0.0012-$0.0014 region might still act as a resistance which must be flipped into a support zone.
There is an across the board selling pressure in the whole crypto market. Memecoins appear to be one of the hardest-hit sectors as investors consider them high risk. If you’re wondering ‘how to buy Safemoon’ then the best exchange to use is Pancakeswap on Binance Smart Chain.