The decision to buy cryptocurrency should always have a long-term outlook, as crypto prices can be particularly volatile. Safemoon is no different, as in its short lifespan, the price has already exhibited some significant price swings. To get a better sense of Safemoon’s outlook, let’s take a look at the technical and fundamental factors that could shape price in the future.
But one of these sessions caused SafeMoon’s price to plummet by more than 50 per cent.
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Bhambhwani, S., S. Delikouras, and G. M. Korniotis (2019). “Do fundamentals drive cryptocurrency prices?”, Working paper .
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It appears the coin became widely recognised on Twitter and many of its posts have thousands of likes by cryptocurrency watchers.
Numerous others have also made their mark on the industry, some of whom Cointelegraph lists in its top 100 people in crypto and blockchain for 2021.
Bitcoin’s coherence values appear noticeably less affected by bubble and non-bubble regimes, especially over short and medium terms (2–4, 4–8, 8–16 and 16–32). The non-bubble coherence values are similar to those of the other cryptocurrencies, but the bubble regime values do not reach a similar magnitude to the other cryptocurrencies.
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The bitrise token has been on a hot streak lately, increasing its value by over 3558 percent in just three months. Experts are calling it the next SafeMoon and Shiba Inu Coin.
Now that Bitcoin has reached the channel’s lower trendline, an upswing toward its middle or upper trendline could be underway. These crucial areas of resistance sit at $66,000 and $70,000 respectively.
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When the market adjusts, the price shoots up. Large holders of that crypto can then cash in on the gains by dumping their coins, bringing the price down. Although exchanges know about these methods, stopping them isn’t all that simple, as the perpetrators know how to stay under the radar.
In particular, the activities of miners — cryptocurrency users who leverage vast amounts of computing power to record transactions, receiving newly created cryptocurrency units and transaction fees paid by other users in return — are critical to currencies’ stability and smooth function.