Safe Price Rallies 6% Following Bithumb Listing as Bulls Target $1.88 Mark
Highlights:
- Safe price rallies 6% to $0.98 as trading volume spikes.
- The recent rally follows Bithumb’s announcement that it would add a KRW trading pair for the SAFE token.
- Coinglass data shows increased demand among Safe’s derivative traders.
The Safe Price is up 6% to trade at $0.98 at press time, as its daily trading volume surged over 400% to $97.47 million, showing heightened investor demand. Despite upholding a strong bullish muscle in the past 24 hours, SAFE is down 5% in a week, 22% in a month, and 73% in a year.
The strong upward movement in the past day comes following Bithumb, a prominent South Korea-based crypto exchange, announced it would add a KRW trading pair for the SAFE token on Jan. 10.
🚀 세이프(#SAFE) 원화 마켓 추가 안내
New Listing : $SAFE will be added to the KRW market today.For more details 👉 https://t.co/r09BQ9Y8UL
#bithumb #Listing #KRWmarket #SAFE @safe pic.twitter.com/fhMXbCmgea— Bithumb (@BithumbOfficial) January 10, 2025
A SAFE/KRW trading pair will allow direct trading between the SAFE token and the South Korean won, making it more accessible to a broader audience, particularly in the South Korean market.
Meanwhile, the strong demand from derivatives traders caused the Safe price to experience a massive rally. According to Coinglass data, open interest for SAFE in the futures market has surged by 50% over the past day, reaching $12.57 million, much higher than the $5.5 million recorded at the beginning of the year. However, the Safe price might fall as investors sell their holdings to secure profits.
Safe Statistical Data
Based on CoinmarketCap data:
- SAFE price now – $0.9842
- Trading volume (24h) – $97.47 million
- Market cap – $455.4 million
- Total supply – 1 billion
- Circulating supply – 463.75 million
- SAFE ranking – #160
Safe Price Technical Outlook
The Safe price significantly increased on Thursday morning, rallying over 20% to the $1.17 mark before early profiteering, which saw the token fall like a dead weight in the air to $0.98. Despite the bulls showing strength in the market, they must bring down the $1.16 resistance barrier to allow already sidelined traders to join the trend without fearing a price correction.
Meanwhile, the absence of the 200-day MA indicates the asset might be relatively new or the timeframe is too short for the indicator to be meaningful. However, a closer look at the market tilts the odds towards the downside.
The RSI (Relative Strength Index) has dwindled below the 50-mean level, currently at 41.46. This shows that the bears are in control of the market, in which increased selling pressure may see the token plunge to the 30-oversold region.
On the other hand, the MACD (Moving Average Convergence Divergence) is strongly negative, with the MACD line (-0.0473) crossing below the orange Signal line (-0.0459). The histograms are waning, showing increased selling momentum in the Safe market.
Can the Bulls Gain Control and Rally to the $1.88 Target?
Based on the 1-day chart timeframe, Safe’s price upholds a bearish picture, showing intense selling pressure. Despite the slight pullback, the bulls still show potential as they aim to obliterate the $1.16 resistance level. A breach and break above the $1.16 mark would lead to gains extrapolating to the $1.88 mark.
On the downside, if the pullback continues, the $0.91 minor support zone will cushion against downward pressure, representing a zone of previous accumulation and strong buyer interest.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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