However, in the wake of the technical issues, the DeFi protocol has met its share of criticisms and FUD. Some Twitter users have even accused SafeMoon of scamming its users.
While the biggest cryptocurrency trades strong, its market dominance has been dipping as investors shift to altcoins, said CoinDCX Research Team.
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Jack Purdy, a senior research analyst at crypto analysis firm Messari Inc., said that while he didn’t know how risky SafeMoon might be, its website makes it clear that it’s designed to get investors to buy and hold to “earn passive rewards through static reflection as they watch their balance of SafeMoon grow indefinitely.”
As long as prices avoid closing below this barrier, odds favor a resumption of the uptrend toward a new all-time high at $4,574.
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Upon logging in to their user accounts, the customers will find unique invite links, with their friends being required to sign up using the referral link to become eligible for rewards.
While supported in the United States, this is not entirely accurate, despite what the name suggests. Unfortunately, while most users in the U.S. can use this platform, it is not available in all states. Currently, the platform is only available in 43 of the 50 U.S. states. This is far from perfect, and the company has said that it plans to launch in all states by the end of the year. Whether this will happen remains to be seen.
The SOL/USDT pair could now drop to the support line of the channel. A strong rebound off this support will indicate that the up-move remains intact. Both moving averages are sloping up and the RSI is in the positive territory, signaling that bulls have the upper hand.
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From the perspective of technical analysis, profit-taking near all-time highs and the need for a retest of lower support levels are normal processes for most cryptocurrencies. In fact, a quick glance over discussions by many analysts and traders on Twitter shows that most expected BTC to revisit lower support levels at $64,000 and below before recapturing bullish momentum and moving higher.
Hank Wyatt, SafeMoon’s vice president of research and development, said in a Discord chat that the team will eventually “host an open beta” version before releasing the full application.
“Some people just didn’t like it, and I understand that,” Karony said in the interview. “The points that I wanted to come across, we just weren’t able to actually tell people in a structured manner.”
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WARREN DAVIDSON: The industry is basically pleading, give us some regulatory clarity.