SFP Tokens Face Bearish Pressure Amid Broader Crypto Market Uptick
SafePal Wallet’s SFP tokens are experiencing a bearish trend, with a nearly 7% decline in the past 24 hours, trading at $0.58 as of 6:00 AM EST. Although trading volume has increased by 32% in the same period, it could indicate either a potential price boost or massive selloffs that may further depress the price. The question is whether SFP will recover from this bearish performance.
SFP Drowns Deeper in Losses Despite Slight Bullish Activity
SafePal (SFP) saw significant gains on September 8, reaching a weekly peak of $0.6794 after the introduction of Klaytn SafePal wallets. However, it quickly regressed and dropped by 17% to $0.5619 on September 9. The token then rebounded and surpassed the $0.6 price level, reaching a day high of approximately $0.64 on September 11. Despite multiple attempts to breach the $0.6 level, SFP has failed to sustain a rally. Since its all-time high of $4.39, SFP has declined by over 86%, but it remains over 115% above its all-time low of $0.2674.
What Could Reignite SFP?
The prevalence of hack attacks and scams on online or software wallets has led to an increased demand for storing assets in hardware devices offline. This shift to cold wallets, including multichain hardware wallets like SafePal, could attract more users in the long run and potentially boost the price of SFP. Additionally, data from Bsc Scan shows that SafePal (SFP) has consistently increased active holders, indicating growing interest in the token.
SFP Continues to Decline – Will the Bulls Return?
The bears are pushing SFP towards the $0.512 support level, suggesting a potential drop to $0.039. The relative strength index indicates dwindling buying demand, and the moving average convergence/divergence has regressed below the signal line. These signals suggest that SFP could experience more losses if the bulls fail to regain momentum. Investors may consider alternative projects with higher short-term upside potentials, such as BTCBSC.
BTC BSC Gains Massive Attention as Presale Hits $1.2m Milestone
A new cryptocurrency project called BTCBSC has launched its token presale to replicate the success of Bitcoin’s bull run. The project aims to mirror Bitcoin’s total supply of 21 million tokens and offers a staking utility for environmentally friendly rewards. The presale has already raised $1.2 million within a few days of launch, attracting significant attention from investors. Staking BTCBSC currently offers a high yield of 0.25 tokens per block, resulting in an annual percentage yield (APY) of 413%. Over 635,000 tokens have been staked, providing over 34% returns each month. Interested users can join the token sale on the project’s website.
Hot Take: SafePal Wallet’s SFP Tokens Face Bearish Pressure
Despite a slight uptick in the broader crypto market, SafePal Wallet’s SFP tokens continue to face bearish pressure. The tokens have declined almost 7% in the past 24 hours and are trading at $0.58. While trading volume has increased, it could signal either a potential price boost or massive selloffs that may further depress the price. SFP experienced a sharp spike followed by a decline, failing to sustain a rally. However, the shift towards cold wallets and the increasing number of active holders could reignite interest in SFP. Investors should monitor the market for any signs of the bulls returning.
By
By
By
By
By