SafePal (SFP) was trading at $0.487 with a bullish bias in the London session on December 16. The price of the SafePal token was up 3% on the day after it gained 13% in the past 4 days. The appearance of a bullish technical pattern on the 12-hour market chart showed that the safe-custody token was preparing for an upside spike.
SFP Bulls Target $0.665
After turning away from highs of nearly $0.543 reached on November 20, the token experienced a constant sell-off recording lower highs and lower lows in a move that saw it lose up to 22.43% seeking solace from the $0.425 support floor. The appearance of a bullish engulfing candlestick on December 8 started the relief rally that has seen the SafePal price gain 11.4% to the current levels.
The price action has resulted in the appearance of a rounding bottom chart pattern on the daily chart. This considerably bullish reversal pattern is developed when the price of an asset drops constantly before stopping at a point that creates the bottom of the pattern. The price then rises slowly returning to the levels before the downside movement started.
In the case of SafePal, the technical formation would be completed after the price returns to the pattern’s neckline at $0.543. This could represent a 9.4% surge from the current price.
Nonetheless, a bullish breakout from the rounding bottom chart pattern is confirmed when a daily candlestick close is recorded above the price instantly before the start of the initial drop – in that case, the $0.543 mark.
In case that happens, the asset could gain another 22% to reach the target of the governing chart pattern above $0.665. This type of market movement would bring the total gains to 36.2%.
SFP/USD 12-Hour Chart
SafePal’s bullish thesis was supported by the parabolic SAR, which turned positive and it flipped below the price on December 15. It indicated that the market had turned in favor of the buyers. If this chart overlay indicator remains below the price, the value of SFP is expected to continue growing.
Also validating the bullish narrative for the cryptocurrency storage token was that its price was trading above all the major moving averages as seen on the 12-hour chart. The indicators include the 50-period simple moving average (SMA) currently sitting at $0.468, the 100-day SMA at around $0.466, and the $0.418 support level, supported by the 200-day SMA.
These areas are massive enough to absorb selling pressure that may threaten to pull the price of SafePal lower.
Based on data from the daily timeframe, the SafePal price was trading in a third consecutive bullish session resulting in a candlestick formation pattern referred to as three bullish soldiers. This is an ideal indication that the buyers are back in the current market and are determined to push the price higher.
Furthermore, the Stochastic RSI had just come into the overbought region and the price strength at 90 reinforced the bull’s grip on the SafePal price.
Also, the daily chart below indicated that the SuperTrend indicator was still positive since sending a call to purchase SafePal. It happened during the Asian trading hours on November 13 when the indicator altered from red to green and moved below the price.
This indicated that the market had flipped in favor of the bulls, indicating the start of an uptrend. The call to buy from the SuperTrend indicator is still active adding some credence to the optimistic outlook.
SFP/USD Daily Chart
On the downside, the position of the Stochastic RSI at 91 indicated that SafePal was mostly oversold. It means that the current rally might soon run out of steam. In that context, a correction is highly likely in the short term, as seen in the 12-hour charts.
Thus, a 12-hour candlestick close below the $0.466 support zone, where the 50 and 100 SMAs are found, would see the SafePal price plunge toward the $0.45 psychological level. More declines could see the SafePal price plunge lower to touch the bottom of the current chart pattern at $0.425, representing a 12% decline from the current price.
SafePal Alternatives
Although the SFP price projection is currently bullish, crypto investors are quite skeptical about the state of the market. For now, there is no telling when the crypto winter will end with the FTX exchange contagion and macroeconomic uncertainties continuing to suppress digital asset prices.
For impressive and guaranteed return on investments, market participants might look at alternative cryptos currently in presale including Fightout (FGHT) and Dash 2 Trade (D2T)
Dash 2 Trade (D2T) – Final Presale Stage
Dash 2 Trade is a decentralized exchange (DEX) built on the Ethereum blockchain set to launch early in 2023. The developers behind D2T have so far raised $9.86 million with 66.8 million tokens left for stage 4 of the presale.
⭐D2T FEATURES⭐
✔️Overview of presale tokens that provide insight into unique projects
✔️A‘Dash Score’ assessing the general quality of a presale token along with fundamental metrics to measure the credibility of a projectVisit our website for more⬇️https://t.co/flGiRez2HB pic.twitter.com/pXOoRZ6UP8
— Dash 2 Trade (@dash2_trade) December 15, 2022
Their presale dashboard was released on December 16, 2022. The D2T development team is now ahead of schedule making it easy and possible to launch the presale dashboard sooner than was earlier planned.
Tokens are now selling for $0.0533 and are scheduled to get listed on multiple centralized exchanges in January 2023. It is advisable to invest in this token now before the price surges to enjoy a massive return on investment.
Buy Bitcoin NowFightOut (FGHT) – In The Early Stages Of The Presale
FightOut is a new move-to-earn (M2E) project well-designed to take Web3 fitness to another level. The FightOut project incorporates all fitness routines into the M2E economy, enabling users to “train the way they want and earn from it”.
Through the FightOut move-to-earn app, NFT requirements are eliminated as a must-have to use the platform bridging the gap that exists between the virtual and real world by bringing the M2E in mechanics to the real-world gyms.
FGHT is the native token of the FightOut network and has just been introduced as a presale at an affordable price of $0.01665002 per token. In that context, the FightOut team has already raised over $2 million in the private sale, with a record $1 million raised within 24 hours.
https://twitter.com/FightOut_/status/1603397456988962821
For now, FightOut is coming up as a great presale success story of 2022. Hence, a lot more is expected from this project in 2023.
You can visit FightOut’s official platforms to participate and access bonuses to gain early investor benefits on what could become the next big crypto project.
