SafeMoon Rises in Trend on Crypto Twitter, Rivaling BEN
- 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.
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.
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.
Disclaimer: The views expressed in this article are for informational purposes only and do not necessarily reflect the opinions of TheNewsCrypto. The content provided should not be considered investment advice.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
