Safemoon price snaps out of a mid-week V-shaped rally, as bears prepare to take control
|- Safemoon price fails to reach a v-shaped recovery target at $0.00049, citing increased selling activity at $0.00040.
- SFM is expected to range trade between $0.00037 and $0.00045 unless a break occurs on either side.
- Buyers still have the upper hand, at least in the short-term, based on the Stochastic RSI's bullish divergence.
Safemoon price bounced from support established at $0.00037 on Wednesday as the crypto market positively reacted to the Federal Reserve's much-awaited interest rate decision. As anticipated, the FOMC raised the Fed Funds rate by three-quarters of a percentage point, in its wrestle with inflation, taking the benchmark overnight borrowing rate to between 2.25% and 2.5%.
Why was the Safemoon price rally short-lived?
Safemoon price set a solid recovery pace on Wednesday, rallying more than 15%. A v-shaped recovery pattern that formed on the 12-hour chart extended the gaze to $0.00045, but the token lost traction at $0.00042.
At the time of writing, Safemoon price is exchanging hands at $0.00040 as bulls battle to avert a bearish correction. For now, the Stochastic RSI shows that the uptrend still has potential, so traders should not lose sight of the 32.90% v-shaped recovery target.
SFM/USD 12-hour chart
The Super Trend indicator, on the other hand, is yet to come out of a sell signal presented on July 11. A break above the index would see the signal change from red to green, with the technical index flipping below the price. Until then, Safemoon price will likely continue struggling to sustain the trend amid growing risks of pulling back to $0.00037.
SFM/USD 12-hour chart
According to a recent Safemoon's Twitter channel announcement, the project is making strides in the industry by signing new partnerships. For example, the team welcomed Pige Inu, a meme token and a global streetwear brand, as a Comet Partner. Safemoon told its users to find Pige Inu on Safemoon wallet for both Apple and Android as well as on its official swap website. As long as the project's relevance in the industry keeps growing, Safemoon price will find a solid footing and make a significant sustainable recovery.
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