- Seedify Fund token has jumped by more than 200% from the lowest point this year.
- It has been one of the top trending crypto tokens in key platforms like CoinGecko.
- The token has formed a golden cross pattern, which is a positive sign.
Seedify Fund (SFUND) price has been one of the best-performing cryptocurrencies recently as demand has jumped. The token surged to over $1.60 on Sunday, the highest point since November 2022. At its peak, SFUND was up by more than 200% from the lowest point in September, giving it a market cap of over $70 million.
What is Seedify Fund and why is it soaring?
Seedify Fund is a company that aims to be a leading player in the blockchain industry. It does that by being an incubator of projects across all the Web3 sectors like gaming, metaverse, and Decentralized Finance (DeFi).
It does that by providing the so-called Initial Game Offerings (IGOs), which support quality blockchain games reached crowdsourced funding. It also provides Initial Dex Offerings (IDOs) that help developers in the DeFi industry raise capital.
Several projects have moved through Seedify’s ecosystem, including Chappyz, Klubcoin, Openfabric, and DexCheck, among others. OpenFabric recently launched its testnet ahead of its official mainnet launch. Users can participate in its ecosystem by staking the SFUND token.
There are several reasons why the SFUND token price has surged. First, the rally has happened because of Fear of Missing Out (FOMO), which has spread across the blockchain industry recently. In addition to SFUND, most coins, including Bitcoin, Tron, and Avalanche have all soared recently. Historically, these coins tend to have a close correlation.
Second, it has jumped because of the rising hype in the token. A quick look shows that it was trending in various platforms like CoinGecko, CoinMarketCap, StockTwits and X (formerly Twitter).
SFUND price forecast
The daily chart shows that the SFUND token price has been in a strong uptrend in the past few months. It is now hovering near the highest point since November last year. Most notably, the token has now formed a golden cross pattern, where the 50-day and 200-day Exponential Moving Averages (EMA) make a bullish crossover.
The token is slightly below the important resistance point at $1.5500, the highest swing in April this year. At the same time, the Relative Strength Index (RSI) and the Stochastic Oscillator have drifted downwards.
Therefore, the outlook for the SFUND token price is bullish. However, I suspect that it will have a brief pullback as some of the initial investors start taking profits. This could see it drop to about $1.3 and then resume the uptrend.
