SFM Trades Sideways After Rejection

Our Safemoon price prediction is still bearish as the price has failed to make a higher high once again. Consequently, SFM price is now trading at $0.00049 and on the verge of testing $0.0004 support once again. The ongoing negative Bitcoin price action has put most of the memecoins into downward spirals. At the time of writing, Safemoon crypto is almost 86% down from its January 2022 ATH of $0.0033.

It is worth mentioning here that Safemoon V2 was launched in December 2021 and new SFM tokens were issued. Nevertheless, the investor interest in the project has significantly decreased since the memecoin mania of 2021. Most memecoins are trading at just a fraction of their 2021 all-time high without any signs of reversal. One major reason for the ongoing slump is the prevailing risk-off approach in the market due to increased interest rates. This has made our Safemoon price prediction even more bearish.

According to Safemoon news, the team have launched the first episode of the Safemoon podcast. In the first episode, the project leaders Jonas Harmer, Haydon Wing and Josh Chillcutt discuss the future of the project. The team leaders also shared key insights about their lives in the pilot episode.

Safemoon Price Prediction

Technical analysis of Safemoon price chart exhibits an intense sell-off since the start of the year. This downtrend also coincides with the corresponding slump in Bitcoin price which is now trading below $20,000. An across-the-board relief rally in crypto pushed SFM to its $0.001 resistance. However, the cryptocurrency faced rejection and the price is now 50% down from that level. If the price manages to break this resistance, then Safemoon could soar to $0.0014 in the near-term.

Any bullish Safemoon price prediction seems to be a far cry as long as the Bitcoin price remains in a downtrend. In event of a considerable recovery in Bitcoin price, our Safemoon outlook might also flip bullish. However, in the current scenario, this seems highly unlikely as the global economy is on the verge of a recession.

SFM USD Daily Chart

Safemoon Price Chart (1D)

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