Safemoon worth surged by 76% on Monday, Nov. 25, making it one of many top-performing cash within the business.
Safemoon (SFM) token rose for the second consecutive day, reaching a excessive of $0.00002890, its highest stage since Nov. 1, and roughly 77% above its month-to-month low.
The rebound, nonetheless, was not supported by important buying and selling quantity, which might sign a crimson flag. Safemoon’s 24-hour buying and selling quantity was simply $90,000, a modest determine for a coin with a market cap exceeding $31 million. This low quantity could also be as a result of restricted variety of exchanges, corresponding to MEXC, Gate, and BitMart, which have listed the token.
The rally could have been spurred by the latest announcement concerning the Safemoon Pockets, now in open beta. The pockets, acquired by The VGX Basis via a bankruptcy process, options an NFT collections web page, a multi-function calculator, a pockets tracker, and a dApp browser.
Safemoon’s worth additionally climbed as buyers purchased the dip, noting its underperformance in the course of the broader crypto bull run. Bitcoin price is sitting slightly below $100,000 and the crypto worry and greed index has reached the “excessive greed” stage of 88.
Traditionally, tokens from fallen angel cryptocurrencies like Terra Luna Traditional, Celsius, and Voyager Digital are inclined to rise during times of heightened danger urge for food within the business.
Safemoon worth evaluation: how excessive can SFM attain
The SFM token rebounded because it approached the tip of a symmetrical triangle chart sample forming over the previous few months. Usually, belongings expertise bullish or bearish breakouts when the triangle nears its confluence level.
Safemoon is now trying to interrupt above the 50-day and 100-day Exponential Transferring Averages. The upward trajectory of the Relative Power Index suggests the token is gaining momentum.
Safemoon’s worth will doubtless stay in its present vary as buyers await additional catalysts. The continued rebound might set off Worry of Lacking Out, probably driving the worth to the psychological stage of $0.0050. Conversely, a drop under the help at $0.00001618 would invalidate the bullish outlook.
