On March 8, 2021, SafeMoon, a BEP-20 coin, came to be on the Binance Smart Chain (BSC) ecosystem. SafeMoon has grown dramatically to become the third-largest token on Binance in terms of market valuation, with more than 2.5 million holdings as well over $50 million in liquidity locked up.
While it has had its fair share of pits and falls, there are three reasons that suggest SafeMoon price will more than double. Read along as we discuss these reasons below:
Reason 1: The Price of SafeMoon Emerged From a Falling Wedge Pattern
The price of SafeMoon has been gradually declining since it reached an all-time peak on May 12th. The sell-off, on the other hand, became more severe following 19th May. On the 4th and 12th of August, SafeMoon appeared to be reversing, but these indications were merely coincidental.
Nevertheless, there’s still hope, because, at $0.00000163, the support level is a key factor that has the potential to spark a tremendous upswing.
Reason 2: Technical Indicators Are Bullish, and the Market Is Oversold
Since May 21, the SafeMoon price has made 3 low highs and 4 low lows. On the 12-hour chart, joining these swing points with trend lines results in the development of a falling wedge pattern. By calculating the gap between the initial swing ups and downs, this technical pattern predicts a 77 percent upswing. When you compare the breakout point of $0.00000217 to this gap distance, a target of $0.00000378 is revealed.
However, after its breakthrough on the 6th of August, the value of SafeMoon has been unable to show bullish momentum, plummeting twenty-five percent from $0.00000217 to retest a critical $0.00000163 support barrier. This acted as a footing on the 18th of April, allowing for a 443 percent rise in less than three days. As a result, after retesting the demand level at $0.00000163, investors might expect a positive reaction.
The RSI, which has dropped below the 30 oversold zones, is another reason to be positive on SafeMoon pricing. A drop below 30 suggests that investors are taking profits and selling, resulting in a sell-off. SafeMoon’s market value increased to fifty-five percent from twenty-five percent the past four times it reached this level.
Therefore, combining the bullish falling wedge pattern with this insight, market players should expect the rally to continue to its objective of $0.00000378.
Reason 3: The Launch Date Reveal of the SafeMoon Wallet
For quite a period of time, SafeMoon has been hyping its forthcoming wallet. It did, however, just reveal the 28th of August 28 as the debut date. This follows the firm’s insistence that the wallet’s existence remains a well-guarded secret.
Furthermore, the developers went ahead to sign a non-disclosure clause as part of the wallet’s beta testing, which is now complete. Users are now looking for information as they anticipate with bated breath for a response concerning the wallet. This SafeMoon wallet introduction is keen to have a beneficial influence on the SafeMoon value.
Other noteworthy advancements in the SafeMoon space include the bridge to WAX. A bridge is often a platform that allows for cross-chain data and asset movement between different blockchains.
Although no firm date has been chosen yet, a recent tweet on Twitter implies that the bridge will open in September. In summary, these factors are to accelerate the already positive technicals, causing SafeMoon’s market value to at least double.
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