SafeMoon accomplished the integration of new upgrades on Tuesday.
The crypto token SFM surged over 30% in the last 24h.
SafeMoon, the BNB Chain-based DeFi protocol, emerges with a soaring trend on Crypto Twitter. Remarkably, the project dominates the platform with more than 2.24 million tweets, almost rivaling the viral memecoin BEN.
(Source: Twitter)
On Tuesday, SafeMoon declared the completion of the initial array of updates — tokenomics fee customization (10% to 1%), new cross-chain bridges on SafeMoon Swap, and wallet upgrades.
SafeMoon Emits Bullish Signals
SafeMoon (SFM) has taken up a bullish trajectory in the cryptocurrency market. Two technical indicators — parabolic stop and reverse (SAR) and moving average (MA) crossover — confirm this positive momentum. As per the chart given below, the short-term 5-day MA and long-term 8-day MA laid a positive crossover, highlighting the uptrend. Likewise, the parabolic SAR hovered below the price action to denote the bulls’ play.
SFM/USDT Price Chart (Source: TradingView)
This bullish BEP-20 token strides in a neutral valuation zone — neither oversold nor overbought. The relative strength index (RSI) of SFM is evidently at 66.71.
At the time of writing, Safemoon V2 (SFM) traded at $0.0002388 as per CoinMarketCap. According to the data from the DeFi project, 559,686,225,624 SFM tokens were in circulation with a market cap of over $136 million at press time. Presently, the on-chain data tracker BscScan detected 708,312 addresses that hold SFM.
Despite this market sentiment, investors are still cautious about SafeMoon due to the $8.9M hack in late March this year.