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- 1 SFM price showcased distribution from the highs and slipped to the bearish region.
- 2 The token was in a narrow range and persisted in declining over the past few weeks.
Safemoon (SFM) token price action reflects a downtrend as it consolidates below the 20-Day EMA. The token did not reflect any signs of pullback. Furthermore, the technicals are signifying a downtrend. As of now, the token has corrected over 70% over the last weeks.
SFM token price has slipped below the key moving averages and is conveying a negative outlook on the charts. Furthermore, the token has stayed below the 20-Day EMA for a long time and did not reflect signs of reversal. However, the consolidation phase did not signal the bullish cues and still reflected the downtrend.
The Safemoon token (SFM) price was $0.00003173 at press time, with an intraday drop of 7.10%, reflecting selling pressure on the charts. Moreover, the trading volume decreased by 1.80% to $49,942. The pair of SFM/BTC is at 0.000000000613 BTC, and the market cap is $17.74 Million. Analysts are bearish and suggest that the price will continue to drag the gains and may make a fresh low below $0.000002500.
SFM On Daily Charts Displays Range Bound Moves
On the daily charts, the token price was in a range for a while and could not manage to surpass the 20-Day EMA mark, signifying bearishness for the past sessions. Moreover, the price action conveys the short buildup activity and bears have persisted in showing their legacy for the past weeks. Bulls lost their strength and did not succeed in holding the gains.
The Relative Strength Index (RSI) curve stays close to 40 shows a negative divergence and suggests a bearish outlook. Moreover, the MACD indicator shows a bearish crossover and formed red bars on the histogram, signaling underperformance for the following sessions.
SFM On Weekly Charts Reveals Severe Downfall
On the weekly charts, the token continues to lose gains. It lost over 90% over the last few sessions. If the token stays in this trend, it is expected to fall below $0.00002800, which may lead the token toward fresh 52-week lows. The token did not highlight any significant bounce which is a sign of seller dominance.
Summary
Safemoon (SFM) token price reflects massive correction from the supply zone of $0.0002000 and persisted in draining gains. Moreover, the price action shows the underperformance and signals the bears’ dominance. However, the token takes a nap after a major correction and faces consolidation in the past weeks which might flip the trend.
Technical Levels
Support Levels: $0.00002700 and $0.00002400
Resistance Levels:$0.00003300 and $0.00003700
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
