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

• SAFE is up 76% in 24 hours, breaking a multi-month downtrend of sturdy quantity.
• Social dominance has risen sharply, however overbought indicators and worth gaps counsel warning.

Safe [SAFE] has soared, breaking out of a multi-month downtrend and skyrocketing greater than 76% in simply 24 hours. On the time of writing, SAFE was buying and selling at $1.66, demonstrating a big improve in investor confidence.

Moreover, its market capitalization has elevated by 76.69%, pushing its valuation to $770.48 million. Buying and selling quantity has elevated by an astonishing 9981.24%, indicating elevated curiosity within the token’s current efficiency.

These numbers spotlight the energy behind the present outbreak. Nonetheless, merchants are actually questioning whether or not Secure can keep this speedy progress or whether or not a downturn is looming.

Breaking the Downtrend: What Occurs Subsequent?

Secure has been in a protracted, drawn-out downtrend because the starting of this yr, which has been in a declining channel because the starting of this yr. Nonetheless, the value has now damaged out of this construction, signaling a bullish reversal.

At present, SAFE is above $1.63, a key stage that beforehand acted as resistance. Due to this fact, this stage is now the important thing assist that merchants will probably be watching intently.

The following main hurdle is at $2.37, a powerful resistance stage that SAFE should overcome to proceed its rally. A break above this level would point out much more upside potential. Moreover, holding on the $1.63 stage would verify that the bulls are nonetheless in management.

Supply: TradingView

Technical indicators: RSI and MACD flash alert

Whereas the outbreak is promising, a number of technical indicators counsel warning is warranted going ahead. The Relative Power Index (RSI) at present stands at 78.63, placing it in overbought territory.

Due to this fact, SAFE might face a interval of consolidation or perhaps a short-term decline.

Furthermore, the MACD has entered bullish territory, with the sign line confirming the continued momentum. Nonetheless, the energy of the wave may imply a potential cooldown earlier than the subsequent upward leg.

Supply: TradingView

Value DAA divergence

The value-DAA divergence reveals a 15.32% hole between SAFE’s worth improve and its community exercise. Though the value has elevated considerably, the day by day energetic addresses haven’t elevated proportionately.

The distinction signifies that the value motion might be speculative, pushed by short-term merchants somewhat than constant community progress. This requires warning, as an absence of natural community exercise can generally result in a worth correction.

Supply: Santiment

SECURE social dominance peaks

Social dominance has elevated to 2,204%, a considerable improve from earlier ranges. Moreover, this spike highlights that SAFE is receiving important consideration on social media platforms, which is usually an indication of elevated volatility and worth motion.

Nonetheless, a pointy rise in social dominance doesn’t at all times translate into sustainable progress and should point out short-lived speculative curiosity.

Supply: Santiment

Is SAFE About to Hit $2.37?

Given the sturdy improve in quantity and the clear breakout from a multi-month downtrend, SAFE is more likely to attain the $2.37 resistance stage quickly.

The bullish momentum stays intact, supported by elevated social curiosity and technical indicators, regardless of overbought circumstances. Due to this fact, except a significant pullback happens, SAFE is nicely positioned to check the $2.37 mark within the close to time period.