• Ahead of the SafeMoon V2 upgrade, there is a drop in the supply of circulating tokens. 
  • SAFEMOON price plunged nearly 75% after hitting an all-time high seven months ago.
  • The petition to rename Jazz arena to “SafeMoon arena” gathered 4,878 signatures from the community. 
  • Analysts note a bullish uptick in the RSI and target $0.000004 as the first target after a month of downtrend in SafeMoon price. 

Despite being stuck in a downtrend, analysts predict a bullish breakout in the token. The shrinking supply of SafeMoon coupled with the upcoming V2 upgrade is likely to trigger a rally in the token. 

SafeMoon price prepares for announcement of V2 upgrade launch date

The supply of SafeMoon has dropped to 571,000,000,000, and the shrinking supply is expected to drive the token’s price higher. Historically, a drop in supply or implementation of burn policy fuels a bullish narrative in the token’s price. 

SafeMoon hit a new all-time high several months ago; the token’s price has plunged nearly 75% since then. Holders are awaiting the announcement of the V2 upgrade launch date. SafeMoon price has posted 16% losses over the past week and nearly 20% over the past two weeks. 

SafeMoon community added 4,878 signatures on a petition to rename Jazz Arena in Salt Lake City, Utah, to “SafeMoon Arena.” SafeMoon plans to make Utah its future base of operations. Therefore SafeMoon HQ will be located in the Vivint Arena (Jazz Arena). 

Cryptocurrency analysts at the YouTube channel “SafeMoon Army” have noted a bullish uptick in RSI. Analysts consider $0.000004 as the first target after nearly a month of downtrend in the token’s price. 

The analyst has identified $0.00000271 as the base. A rise in interest from buyers and the RSI provides support for a rebound in SafeMoon price. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Watch out for Ethereum price as technical indicators point to dip below $1,000

Watch out for Ethereum price as technical indicators point to dip below $1,000

Ethereum (ETH) price is revealing a not-that bright picture for bulls this week, both from a technical perspective and because of ballooning tail risks. As bulls could not manage a close above a crucial technical hurdle, price action slipped further to the downside and moved away from the essential historic barrier. 

More Ethereum News

As NATO troops double, so do the bears' army in XRP

As NATO troops double, so do the bears' army in XRP

Ripple (XRP) price is returning with a hangover after a very short-lived party in which it rallied from $0.3043 to $0.3710, and booked 21% gains. Although bulls temporarily pushed the price above $0.3710, it turned out to be a false breakout, and eventually closed the day below, catching a lot of bulls in a bull trap in the process.

More Ripple News

Why you should approach Bitcoin price with caution

Why you should approach Bitcoin price with caution

A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet's analysts evaluate where BTC could be heading next.

More Bitcoin News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP