SAFE Emerges as the Best-Performing Altcoin of the Day, With Its Price Surging 5%

SAFE has emerged as the best-performing altcoin of the day

SAFE, the cryptocurrency known for its namesake charitable initiative, has emerged as the best-performing altcoin of the day, with its price surging 5% in the last 24 hours and its market capitalization now almost touching $300 million.

The coin is showing strong technical promise despite some mixed signals from momentum oscillators that suggest consolidation may be on the horizon.

Technical Analysis of the EMA Lines Remains Bullish

An analysis of the EMA lines by crypto technical analysis platform Benzinga Pro reveals that the 9-period EMA line is currently trading at $0.54, while the 21-period EMA line is positioned above at $0.56. Both short-term averages are also comfortably above the long-term 50-period EMA line, which stands at $0.48.

This positive alignment of exponential moving averages indicates continued upward momentum in the price action.

If this uptrend momentum maintains its strength, SAFE could potentially climb to test the resistance level at $0.72.

Should this resistance be successfully broken, the next target would be $0.879. The altcoin could exceed $0.90 for the first time since January 19, sustaining its momentum as one of the most trending altcoins.

On the other hand, as indicated by the RSI and BBTrend indicators, the uptrend appears to be losing some momentum. This could signal a potential reversal in the near future.

If the trend does reverse, SAFE might test the nearby support level at $0.54, which sits precariously close to the current price.

Should this support level fail to hold, further downside could see SAFE decline to test subsequent support levels at $0.48 and $0.40. In a worst-case scenario, a drop all the way to $0.35 could potentially occur.