•SFM/USD is currently priced at $1.55 and is down by 1%over the past day
•The technical indicators suggest the bearish momentum to continue
•The trading volume have increased by 4% over the past day
Short Term View: Bears have a field day, drag SafeMoon Coin to lower levels
The SafeMoon V2 price today is $0.000982 USD with a 24-hour trading volume of $45,887,688 USD. SafeMoon V2 is down 12.67% in the last 24 hours.The trading volumes have remained stable over the past day, with only a slight gain in trading volumes seen over the past day. The Volume to Market Cap Ratio, on the other hand, stands at 0.08127.
SafeMoon Coin clocked its all time high of $0.007232 on January4,2022, but has witnessed a downside in the past two months since. Currently it is in the middle of a downtrend as is indicated by the technical indicators. The altcoin trades below the 50 SMA but above the 20 SMA on the four hour chart, indicative of indecision on the part of investors. The support for the coin is placed at $0.007168 , while the resistance is placed at $0.007482 in the event of a breakout.
Long Term View for SafeMoon
SafeMoon Coin has formed a pattern of Doji candles on the daily chart, which has since shifted to the downside. The technical indicators for SafeMoon paint a bleak outlook as the prices are likely to continue falling. The RSI is currently transacting in the neutral territory and stands at 47.96. The MACD indicator further piles pressure on the bulls as the MACD and signal line have ventured into the negative zone. The red histograms have increased in size as well, indicating the bearish momentum picking up pace.
Conclusion
If buyers can come in and keep the current SafeMoon Coin price intact,we will expect a strong growth impulse both in the pair to BTC and in the pair to USD. Otherwise, a protracted correction of the global growth trend will begin in the altcoin.
Support: $0.007168
Resistance: $0.007482
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/04/08/sfm-price-analysis-safemoon-engulfed-in-bearish-clouds/