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A cryptocurrency analyst at the YouTube channel “Broke Man Finance” has analyzed the SafeMoon price trend and predicted that the token would likely hit a new all-time high soon.
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The digital currency made its big Wall Street debut in December 2017, when the major futures exchanges rolled out Bitcoin futures. The attention drove Bitcoin to roughly $19,300, a then-unheard of price for the currency.
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Despite the flurry of activity and popularity around emerging alt and meme coins like Shiba Inu coin, market analysts have said that fears over rising inflation are seeing traders shore up support in Bitcoin and major cryptocurrencies.
Like many other meme-based altcoins, Safemoon is a very high-risk investment. If you’re game, read on and find out how to buy Safemoon tokens of your own.
Fig 1. Price series for each cryptocurrency considered (each cryptocurrency priced in USD).
WARREN DAVIDSON: The industry is basically pleading, give us some regulatory clarity.
A petition to 'Get Safemoon Listed On Coinbase' has currently gained 4,646 signatures.
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.
Campbell, J. Y. and R. J. Shiller (1988), “Stock prices, earnings, and expected dividends”, The Journal of Finance 43 (3), 661–676
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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’.
Regulation across borders has to keep up with the rapidly advancing pace of cryptocurrency development. Due to the decentralized nature of cryptocurrencies, this is a complex matter, with international disagreement ranging from the legitimacy of currency status, or even whether they should be made illegal.
Chargeable gains: Gains and losses on Bitcoin or other cryptocurrencies (which are not within trading profits) are chargeable or allowed for capital gains tax if they accrue to an individual, or for corporation tax on chargeable gains if they accrue to a company.
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TamworthAaron Michael Kennedy, 31, was also placed on the sex offenders’ register for a period of 10 years.