SFP about to make a move and upside is more likely.Hey guys,
SFP/USDT is a new pair started to trade on Binance on Feb 8. So, it is a new pair with a very short price history which means that the upside potential is a lot higher compared to those alt coins with previous all-time-highs.
SFP is consolidating in an up trending channel after selling around 45% from its local top. Actually, this is a very typical move for alt coins launched during the bitcoin bull market. What generally happens is that the coin breaks out to the upside after making a local top and consolidating. The bollinger bands are getting closer which implies a breakout can occur soon. The volume is around 1m per 4h bar and has been around these levels for a while now. These indicate that the sellers are exhausted.
My first price target is $6 and who knows how high this can go... One more thing if you are thinking holding the coin for longer. To my very brief research, the company has products on sale which is good. It is launched on Binance Launch pool (if I remember correctly) which means that this company passed various Binance quality checks. Moreover, products allow you to swap tokens in your wallet on PancakeSwap which is convenient. There are other features that makes SafePal wallets attractive, but as I said I didn't do an extensive research.
Remember that this is a technical analysis and definitely NOT a trade advice. Let me know what you think.
Have a great day!
