As with all meme coins in the market, SafeMoon (SFM) has been on a persistent downtrend in the last week or so. But it seems the coin is about to hit a trend reversal that could usher a decisive bull run. But how will it happen? We have some answers below, starting with notable highlights.
SFM has found strong support at $0.00118 after the recent pullback.
A trend reversal appears likely after a period of consolidation.
At press time, SafeMoon (SFM) was trading at $0.00103041
Data Source: CoinGecko
SafeMoon (SFM) – The trend reversal to watch
The recent downtrend we have seen in most meme coins has been brutal. But after days of decline, SafeMoon (SFM) has managed to stop the bleeding. Bulls have managed to find strong support around $0.00118. In the last couple of days, SFM has consolidated around this zone, and a trend reversal appears quite imminent.
This will easily push the coin on a decisive bull run. But how high can it rise? The upside for growth is hard to say. But looking at the chart, SFM has established a strong supply zone between $0.00165 and $0.00175.
We expect any bullish run to pull back once that zone is hit. But despite this, SFM will still gain 40% in the rally. Besides, we have seen this price action play out before. Recently, after SFM bottomed at $0.00106, it went on to rally by nearly 30%. There is no reason why this can’t happen again.
What are the benefits of buying SafeMoon (SFM)
Not many investors are going to buy meme coins during periods of market uncertainty. But meme coins can be very good for short-term trades.
At the moment, a short-term play that takes advantage of the 40% swing is very feasible. From a long-term point of view, SafeMoon is still decent. But you have to be prepared for the wild volatility.