Safemoon price is currently on an uptrend, with the token selling at $0.00000329, up 11% in the previous 24 hours. The trade volume has also increased significantly.
The token had previously dropped 60% from $0.00000682 to $0.00000257, the current price movement is now projected to extend a possible upswing.
After considering all the previous price moments, SAFEMOON is now expected to retest the 50% Fibonacci retracement level at $0.00000470, which represents an about 60% rally from the support level at $0.00000295.
SafeMoon in tandem with the entire crypto market crashed recently and hadn’t made any significant rallies since. However, the token has now gained traction and is presently pumping hard. The #SafeMoonSqueeze trend that has been trending over the past two days could be the reason for this. However, it is still unclear whether this is the sole reason behind the surge.
The #SafeMoonSqueeze Saga! Will SafeMoon be the next GameStop and AMC?
Some SafeMoon fanatics are attempting to squeeze the token’s prices, inspired by the success of r/WallStreetBets. They believe SafeMoon has the potential to be the next GameStop or AMC Entertainment.
On Sunday, a Reddit user posted an emotive rallying cry for SafeMoon investors. With thousands of awards and upvotes, the post demands the masses to join a SafeMoon price squeeze. The user called the squeeze “the crypto version of Gamestop and AMC, but much bigger,”.
Thousands of tweets have flooded the social media network, with some users praising the Reddit post and others aiming to take SafeMoon to the moon again. The hashtag #safemoonsqueeze trended 11th in the United States on Twitter, as enthusiasts tweet the term.