Safemoon Price Tumbles Yet Stabilizes Following a ‘V-Shape’ Recovery

Safemoon price witnessed a notable bounce off the lower support in the past 24 hours at $0.00037. As an outcome of the FED’s raised interest rates, the Bitcoin price rose above $24,000 for a short time. This was when the Safemoon price bounced off the lower support and attempted a ‘V-shaped’ recovery. On the other hand, the depleted GDP in the consecutive second quarter may also impact the entire crypto markets including the Safemoon price. 

The asset experienced a 15% jump in the past 24 hours after the bulls outpowered the bears to uplift the price beyond $0.000040. The price has set up a ‘V-Shaped’ recovery and gained levels above $0.00043 in a very short time. 

Presently, the StochasticRSI displays an uptrend potential and hence the traders may utilize a good opportunity to get in. On the other hand, the MACD still appears bullish despite a minor pullback or correction, the selling pressure has not accumulated. Therefore, the possibilities of a steep price drain may not haunt the price rally for the next couple of days ahead. 

However, the Safemoon price has comfortably raised above the 50-day MA levels and amid the current pullback, the price remains above these levels. The surge was fueled by the recent market sentiments and as per the latest announcements, the platform’s multiple collaborations have also raised the strides. 

Therefore, considering the Safemoon price trend for the upcoming monthly close, a notable rise beyond $0.00005 may be expected.