SafePal (SFP) is showing slight bullish momentum with a 6.64% climb to $0.7103, breathing new life into the crypto wallet token’s market performance. The asset currently holds a solid market cap of $346.27M (up by 11.22% in the past month). The token’s $18.56 million daily trading volume also strongly backs up this decent uptrend.
Recent price action shows SFP making a strong recovery from its lows earlier this month, painting an optimistic picture for investors. Several key patterns stand out as we examine SafePal’s market position and technical analysis.
Strategic partnerships driving market sentiment
The recent developments surrounding the SafePal (SFP) ecosystem seem really interesting at first glance. However, their true influence on the token’s price action will be gauged by how effectively they translate into increased demand for SFP. The platform’s latest partnerships with Karat Galaxy and Totemancer demonstrate a strategic push toward gaming integration and ecosystem expansion.
This Karat Galaxy collaboration, running from December 20th to January 3rd, introduces substantial incentives, including 100,000 Free Coins and valuable non-fungible token (NFT) offerings worth over $1,000.
Similarly, the Totemancer partnership, launched on December 19th, brings additional utility through Mana rewards and exclusive NFTs on the TON blockchain. These strategic moves may be a deliberate effort to enhance SafePal’s market presence, potentially influencing positive price action in the medium term.
SafePal token technical analysis
The SafePal crypto asset is currently trading at approximately $0.71, showing resilience after a notable recovery from recent lows. The chart reveals a distinctive ascending channel formation, with price action respecting both upper and lower boundaries, suggesting a structured upward momentum.
For one, the Relative Strength Index (RSI) is currently hovering around the 62.25 level, indicating strong momentum while remaining below overbought conditions. This positioning suggests there’s still a chance for potential upside movement before encountering significant resistance. The SFP token’s RSI trajectory has maintained a series of higher lows, which falls in line with the bullish trend shown in other metrics.
On the other hand, SafePal (SPF)’s Moving Average Convergence Divergence (MACD) gives off a moderately bullish signal, as the MACD line crosses above the signal line and shows positive momentum.
Looking closely at this indicator, it is observed that the histogram bars expand in the positive territory. This is usually a sign of the bullish momentum growing in strength. This technical setup and the current price action suggest a potential upward trend continuation.
SPF Monthly Trading Chart. TradingView
What’s next for the SFP price?
SafePal’s capacity to break through the $0.80 resistance zone would go a long way in determining its price trajectory. SFP could aim for the next psychological resistance at $1.00 if this level is surpassed. Traders should brace up for a potential retest of the $0.60 support zone in the event that the price fails to go past the $0.80 mark.
SafePal’s recent partnerships and airdrops may be able to carry the bullish momentum for a short while, but the token’s technical analysis shows the need for a consolidation phase before another major rally. Traders would be wise to keep an eye on resistance and support zones while staying tuned for updates on the ongoing partnerships.
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