Safemoon (SFM) is making headlines after a 76% price surge on November 25. The token hit $0.00002890, marking its highest level since November 1 and a 77% rebound from its monthly low.
However, the rally occurred with low trading volume, raising some concerns. Safemoon recorded a 24-hour trading volume of just $90,000, a modest figure for its $31 million market cap. This low activity might stem from its limited exchange availability, with platforms like MEXC, Gate, and BitMart listing the token.
Wallet Beta Launch Spurs Interest
The price hike aligns with Safemoon’s recent announcement about its wallet beta launch. The wallet, acquired by The VGX Foundation through bankruptcy proceedings, offers features like an NFT collections page, a dApp browser, a multi-function calculator, and a wallet tracker.
Investors seem to have bought the dip, noting Safemoon’s underperformance during the broader crypto bull run. With Bitcoin nearing $100,000 and the Crypto Fear and Greed Index hitting “extreme greed” at 88, tokens like Safemoon often attract renewed attention.
Safemoon Price Prediction: What’s Next?
Safemoon’s chart indicates a symmetrical triangle pattern, often signaling an imminent breakout. The token is testing key resistance levels near its 50-day and 100-day Exponential Moving Averages (EMAs). A rising Relative Strength Index (RSI) shows bullish momentum.
If the rally continues, Safemoon could target the psychological level of $0.0050. However, a drop below the $0.00001618 support would invalidate this bullish outlook.
