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Home»ALTCOIN NEWS»SAFE Cryptocurrency Gains 76% in 24 Hours: Will Breakout Lead to $2.37?
ALTCOIN NEWS

SAFE Cryptocurrency Gains 76% in 24 Hours: Will Breakout Lead to $2.37?

By Crypto FlexsOctober 26, 20243 Mins Read
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SAFE Cryptocurrency Gains 76% in 24 Hours: Will Breakout Lead to .37?
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  • SAFE soared 76% in 24 hours, breaking a months-long decline on strong trading volume.
  • Although social dominance has risen sharply, overbought indicators and price differentials require caution.

SAFE It broke from a months-long downward trend and surged more than 76% in just 24 hours. At press time, SAFE was trading at $1.66, demonstrating a significant increase in investor confidence.

In addition, the market capitalization soared 76.69%, increasing the company value to $770.48 million. Trading volume increased by an impressive 9981.24%, indicating increased interest in the token’s performance recently.

These numbers highlight the strength of the current breakout. But traders are now asking whether Safe can sustain this rapid growth or whether a downturn is coming.

Breakout of the downtrend: What happens next?

Safes have been on a downward trend since the beginning of the year and have been on a downward trend for a long time. However, the price has now broken out of this structure, signaling a bullish reversal.

SAFE is currently holding above $1.63, a key level that previously served as resistance. Therefore, this level is now a key support that traders are closely monitoring.

The next major hurdle is $2.37, a strong resistance level that SAFE must overcome to continue its rally. A move beyond this point would signal further upside potential. Additionally, holding the $1.63 level would confirm that the bullish trend is still under control.

SAFE chart analysis

Source: TradingView

Technical Indicators: Beware of RSI and MACD Flash

While the breakout is promising, several technical indicators suggest caution moving forward. The Relative Strength Index (RSI) is currently in overbought territory at 78.63.

Therefore, SAFE may consolidate for a period of time or even show a short-term decline.

Moreover, MACD has entered bullish territory as its signal line confirms continued momentum. However, the strength of the surge could mean a potential cooling off before the next upward leg.

Safety technical analysisSafety technical analysis

Source: TradingView

Price DAA Divergence

Price DAA Divergence shows a 15.32% gap between SAFE’s price surge and network activity. Prices have risen significantly, but daily active addresses have not risen proportionately.

These differences indicate that price movements may be speculative, driven by short-term traders rather than ongoing network growth. A lack of organic network activity can sometimes lead to price adjustments, so caution is advised.

Source: Santiment

SAFE Social Dominance Spike

Social dominance increased significantly from before to 2.204%. Additionally, this surge highlights that SAFE is receiving significant attention on social media platforms, which is often a sign of increased volatility and price action.

However, rapid rises in social dominance do not always lead to sustainable growth and may represent short-term speculative interests.

Source: Santiment

Is SAFE ready to hit $2.37?

Considering the strong surge in volume and a clear breakout of the multi-month downtrend, SAFE looks set to reach the $2.37 resistance level soon.

Despite the overbought situation, bullish momentum is maintained due to increased social interest and technical indicators. Therefore, unless a major decline occurs, SAFE is well positioned to test $2.37 in the near term.

Next: Can PEPE Maintain Its Lead Among Memecoins Despite Recent Drops?

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