Should you buy SafePal (SFP) in July 2022?

By:
on Jun 30, 2022
  • SafePal (SFP) remains under pressure
  • Bitcoin has weakened below $19000
  • The rising risks of the recession continue to keep investors in a negative mood

SafePal (SFP) has weakened from $1.37 to $0.18 since March 31, 2022, and the current price stands at $0.31.

The cryptocurrency market is losing its value this Thursday, Bitcoin has weakened below $19000, and according to Edward Moya, senior market analyst at Oanda, we can see new lows for the cryptocurrency market.

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SafePal aims to make crypto simple for everyone

SafePal is a hardware wallet that provides a secure and user-friendly crypto management platform for the masses. This project was established in 2018, and it solves the real pain points in day-to-day crypto management.

SafePal aims to make crypto simple for everyone and enables its users to manage, trade, swap, and grow their crypto wealth without compromising asset security.

It supports 33 blockchains and 30,000+ tokens for now, while the three main products of this project are  SafePal S1, SafePal Cypher, and SafePal Leather Case.

SafePal is the first hardware wallet invested and backed by Binance, and it is currently serving more than three million users through its unique hardware and software wallet product lines.

The team behind this project consists of a group of experts with more than 15 years of experience in hardware, software, and cybersecurity who are continuously working on new features and upgrades.

Many projects already collaborate with SafePal, and the most popular ones include Harmony, Litecoin, Neo, Ripple, Polygon, Polkadot, Dash, Dogecoin, and Zcash.

Stephen Tse, the founder of Harmony, said that he is impressed with SafePal, while Forbes reported that SafePal is perfect for DeFi traders.

SafePal is a project with a bright future, but in the short term, the outlook for this cryptocurrency remains bearish because there is great uncertainty around the cryptocurrency market.

Cryptocurrencies have been suffering from heavy selling due to hawkish signals from central banks, and investors are worried that an aggressive monetary policy could tip the economy into recession. Edward Moya, the senior market analyst at Oanda, said:

We could see new lows for the cryptocurrency market in the weeks ahead; extreme volatility and a lack of liquidity have made it increasingly difficult for large-scale crypto investors to continue holding onto their holdings. As a result, they’ll be forced to close their positions because they don’t have enough collateral.

SafePal (SFP) is currently down more than 70% from the highest price level in 2022, and if you decide to buy this cryptocurrency in July 2022, you should consider that the price can weaken even more.

Technical analysis

Data source: tradingview.com

SafePal (SFP) currently trades around the $0.31 level, but it would be a strong sell signal if the price falls below $0.25. The next price target could be at $0.20 support or even below; still, if the price jumps above $0.60, we have the open way to $0.80.

Summary

SafePal is a project that was established in 2018, and it has the most secure and easiest-to-use wallet for the crypto masses. The cryptocurrency market is losing its value, the price of SafePal (SFP) can weaken even more in the upcoming days, and probably it is not the best moment to buy this cryptocurrency.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
  2. Capital.com, simple, easy to use and regulated. Register here >

*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.