The price of Safemoon increased more than 25 % last week amid the wider market fluctuations. This numerical gain was fed by high in ordering the distinctive symbol after the project was deported from the BNB series to Solana.
However, achieving profits and increasing sale pressure is now threatening to scan some recent gains from SFM. This analysis provides details.
Safemoon battles increasing sales
The evaluation of the SFM/USD chart for a day highlights the increasing pressure in the local SFM market. A noticeable indicator of this trend is the balance of the negative power of the distinctive symbol (BOP), which is at -0.96 at the time of the press.
The assets BOP index compares the strengths of buyers and sellers by analyzing price movements during a certain period. When its value is negative like this, it indicates that the sellers have more control, which means that the declining pressure is stronger, and it is likely that the origin is suffering from a declining direction.
This indicates the weakening of the bullish momentum between the SFM holders and the hints in the decreases if the pressure pressure continues.
Moreover, the SFM price has decreased by 8 % over the past 24 hours, causing Altcoin trading near its 20 -day SIA moving average (EMA).
This moving average measures the average price of the original over the past twenty days trading, giving more weight to the last prices to determine short -term trends.
As with SFM, when the original price is ready to break EMA for 20 days, it indicates an increase in the pressure pressure. It is a sign of weakening the bullish momentum and turned towards a declining direction.
SFM finds major support at $ 0.000061
A successful breach of the dynamic support offered by EMA Safemoon for 20 days at $ 0.000061 will enhance the declining direction. In this scenario, the ALTCOIN price may decrease to $ 0.000047.
However, the rise in the new demand would nullify this landfill. If there is a rise in instant flows, this may lead to the price of SFM to the top of the resistance at 0.000068 dollars about its highest level in the year of $ 0.000011.
Disintegration
In line with the guidance of the confidence project, this price analysis article is for media purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always perform your research and consult with a professional before making any financial decisions. Please note that the terms, conditions, privacy policy have been updated and the evacuation of responsibility.
