SafeMoon is tumbling because the hype continues to die out

Like most meme cash, SafeMoon (SAFEMON) absolutely counted on elevated hype and social media buzz to “moon”. However because the hype began to die out, the meme coin has been tumbling and with the sentiment in crypto trying very sluggish, extra losses may very well be coming within the close to time period. Listed here are some notable highlights:

  • On the time of writing, SAFEMOON was buying and selling at $0.001682, down almost 5% in lower than 24 hours.

  • After the preliminary hype in 2021, the risk-off sentiment of crypto traders has seen a lot of that die out.

  • Efforts have been made to consolidate the circulating provide in an effort to push the worth up, however to date it’s tumbling.

Knowledge supply:

SafeMoon (SAFEMOON) – Worth Evaluation and Forecast

SafeMoon has tried to rid itself of the meme coin tag by including just a few little one options to its ecosystem. For instance, there was the SafeMoon pockets that launched on iOS and Android. However this has completed nothing to extend investor curiosity on this token.

Whereas there was some rally at first of the 12 months, the general development is usually downward this month. If this downtrend is to reverse, SAFEMOON must discover a respectable upward trajectory to check the overhead resistance at $0.002.

However this appears extremely unlikely, particularly with many traders taking minimal danger. Because of this, we count on SAFEMON to proceed to say no within the coming weeks.

Must you purchase SafeMoon (SAFEMOON)

We’re in a section within the crypto market the place concern is essentially the most dominant issue amongst traders. As such, this might not be the perfect time to take dangerous bets.

Being a meme coin makes SAFEMOOM a dangerous speculative asset. It’s not one thing you need to maintain onto in instances of immense market volatility. So it’s best to attend for the sentiment available in the market to enhance earlier than getting on the coin.

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