The secureness of SafeMoon is still a question among people. If you spend an hour on any of the online platforms talking about it, you’re probably going to discover viewpoints of each persuasion. Early adopters liked it as it immediately grew into great value. At the same time, there are people who express a lack of interest in SafeMoon’s future possibilities.
The first thing to note is that Safemoon is not currently listed on any major cryptocurrency exchanges such as Binance or Coinbase. Due to this, the amount of liquidity is relatively low, meaning that technical analysis isn’t as accurate as digital coins with high liquidity. The low liquidity of Safemoon means that large buy orders tend to boost price significantly – which, in turn, leads more people to buy into the ‘hype’.
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Like traditional currencies, cryptocurrencies express value in units — for instance, you can say “I have 2.5 Bitcoin,” just as you’d say, “I have $2.50.”
A look at funding rates across exchanges hints at excessive optimism, with traders going long on BTC en masse — a classic indicator of a correction.
Find the latest cryptocurrency news, updates, values, prices, and more related to bitcoin, Etherium, Litecoin, Zcash, Dash, Ripple and other cryptocurrencies with Yahoo Finance's crypto topic page.
XLM price has been on a massive consolidation phase since October 16 as it failed to shatter an overhead barrier. Stellar is currently making a run at this hurdle and indicates that a breakout will result in an explosive breakout.
The electric carmaker said in May that it would no longer accept the cryptocurrency for purchases. It's been a wild ride for bitcoin the last three years.
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Cryptocurrency(c) 2021 BloombergNick Baker, BloombergUpdated: October 22, 2021 9:31 am IST
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The latest new SafeMoon wallet listings announced on Nov. 5 include Shiba Inu, Chainlink and Aave.
This follows the launch of new Bitcoin futures Exchange-Traded Funds (ETFs) in the form of ProShares Bitcoin Strategy ETF, as well as similar moves from Valkyrie and Van Eck.
From a technical perspective, Bitcoin’s price action appears to be contained within an ascending parallel channel that developed since Oct. 4. Every time BTC has risen to this technical formation’s upper boundary since then, it has been rejected and retraced to the pattern’s lower edge. From this point, it tends to rebound, which is consistent with the characteristics of a parallel channel.
Reported Volume calculates volume from all exchanges with market pairs, but due to factors such as wash trading, it is considered an unreliable metric.
Despite the new record high, Bitcoin is still a highly volatile and speculative investment. In fact, the last time the crypto saw a record high in mid-April, it abruptly lost over half of its value and plunged to around $30,000 by mid-July.