- 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.
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.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?