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.