Safemoon price witnessed a remarkable bounce from the lowest support in the last 24 hours at $0.00037. As a result of the elevated interest rates from the FED, the price of Bitcoin rose above $24,000 for a short time. That’s when the price of Safemoon bounced off the lower support and attempted a “V-shaped” recovery. On the other hand, the depleted GDP in the second consecutive quarter may also affect all crypto markets, including the price of Safemoon.

The asset saw a 15% jump in the last 24 hours after the bulls outperformed the bears to push the price past $0.000040. The price set up a V-shaped recovery and gained levels above $0.00043 in no time.

Currently, the StochasticRSI is showing an uptrend potential and therefore traders can take a good opportunity to enter. On the other hand, the MACD still looks bullish despite a minor pullback or correction, the selling pressure has not built up. Therefore, the chances of a strong price breakout may not haunt the price rally for the next few days.

However, the price of Safemoon has comfortably risen above the 50-day moving average levels and amid the current pullback, the price remains above these levels. The surge was fueled by recent market sentiments, and according to the latest announcements, the platform’s multiple collaborations have also increased advancements.

Therefore, considering the price trend of Safemoon for the upcoming monthly close, a noticeable increase beyond $0.00005 can be expected.

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This post Safemoon price falls but stabilizes after a V-shaped recovery

was published first on https://coinpedia.org/price-analysis/safemoon-price-tumbles-yet-stabilizes-following-a-v-shape-recovery/

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