Like most meme coins, SafeMoon (SAFEMOON) was fully counting on increased hype and social media buzz to “moon”. But ever since the hype started to die out, the meme coin has been tumbling and with sentiment in crypto looking very sluggish, more losses could come in the near term. Here are some notable highlights:
At press time, SAFEMOON was trading at $ $0.001682, down nearly 5% in less than 24 hours.
After initial hype in 2021, the risk-off sentiment by investors in crypto has seen much of that die out.
There have been efforts to consolidate circulating supply in a bid to help push the price up but so far it’s tumbling.
Data Source: Coinmarketcap.com
SafeMoon (SAFEMOON) – Price analysis and prediction
SafeMoon has tried to rid itself of the meme coin tag by adding a few underlying features into its ecosystem. There was the SafeMoon wallet for example that launched on iOS and Android. But this has done nothing to increase investor appetite towards this token.
Although there was some rally at the start of the year, the general trend this month has pointed largely downwards. If this downward trend will reverse, SAFEMOON needs to find some decent upward trajectory to test overhead resistance at $0.002.
But this looks highly unlikely, especially now that many investors are taking minimal risk. As a result, we expect SAFEMOON to keep falling in the coming weeks.
Should you buy SafeMoon (SAFEMOON)
We are at a stage in the crypto market where fear is the most dominating factor among investors. As such, this is perhaps not the best time to take risky bets.
By being a meme coin, SAFEMOOM is a risky speculative asset. It’s not something you want to hold during times of immense market volatility. So, it would be best to wait until sentiment in the market improves before moving in on the coin.