SafeMoon shot up +300% in October 2021 giving investors a phenomenal returns on investment (ROI). However, from the first week of November, the coin is trading in red and dipping to new weekly lows. The dip is attributed to profit bookings as investors are indulging in large sell-offs.
November has turned out to be a bad month for SafeMoon as the coin has traded mostly in the dip. Those who took an entry position in the first week of the month saw their assets slump even further. However, the coin is sending mixed signals only from the mid-week of the month.
Investors are not convinced that there’s a bull run ahead and are staying away from the token as profit bookings continue. The sell-offs are expected to continue this week and pull its price much lower than its current trading price. The movement is hampering the coins growth of the coin during the second last month of the year.
How High Can SafeMoon Rise This Week?
SafeMoon at present is trading with five ‘zeroes’ in the indices. The coin might not knock out a zero from its trade by the end of the year due to the dips.
However, there seems to be light at the end of the tunnel as the corrections are good and healthy. The coin has not dipped drastically but is down only due to profit bookings.
The trend shows that SafeMoon can deliver the desired results and also give opportunities to take new and lower entry positions. Once that is completed, the coin takes investors on a ride to the top and repeats the cycle of profit bookings. It can be argued that SafeMoon is not dipping, but is trading sideways to deliver the desired results.
It is advised to wait for further corrections and take an entry position at the appropriate time. Timing plays a crucial role and those who enter after further dips can make profits in the coming months.
SafeMoon is expected to shoot up in price when it upgrades to V2. The development is much-awaited among the investors’ community who believe the coin will reach new highs after the upgradation. An early entry position now can open the doorways to good returns on investment post the V2 shift.
At the time of publishing, SafeMoon was trading at $0.000003727 and is up +1.15% in the 24-hours day trade. The coin is up +95.9% in the last 30-trading days and is 66% lower from its all time high (ATH) of $0.00001094, which it reached on May 11, 2021.
Credit: Source link