In June, SafeMoon launched a beta version of SafeMoon Wallet, a place for storing and trading coins and required applicants to sign non-disclosure agreements.
Contrary to this assumption, if the price plummets below the 20-day EMA, traders may rush to the exit. That could pull the price down to the 50-day SMA ($39.87).
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Some experts say this is high risk as SafeMoon’s success relies heavily on more and more people buying the currency to keep the price up.
Brian Brooks, incoming CEO of crypto exchange Binance.US, tells CNN's Julia Chatterley that "at a certain point, finance will have migrated out of the analog age and into the digital age." He weighs in on Dogecoin, Coinbase, and regulation.
If the price turns down from the resistance line of the channel, the pair could drop to the support line. This is an important level to keep an eye on because a break below it will suggest a possible change in the short-term trend.
Last Tuesday, Squid was trading at just 1 cent. In less than a week its price had jumped to over $2,856.
There has also been a big debate on Safemoon tokenomics. Most of the competing coins have more appealing and innovative tokenomics than Safemoon. Whereas the Bitrise coin has an automated buyback and burning process, Safemoon is burning manually. This means the regulation of the Safemoon token liquidity is less transparent.
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We reached out to Binance.US for more information about its security measures and received no response. We’ll update the review if Binance.US gets back to us.
Some are curious if this meme coin will ever truly see a full Shiba and Dogecoin-like impact, although it’s already off to an impressive start.
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US futures linger at all-time highs while cryptos hit new records, as Fed rings alarm on market risks
Overall, it appears from these results that cryptocurrencies may experience short term intervals of co-movement, caused by sector wide news or cross market contagion, though correlation is likely to change dependent on the nature of the causal event and market environment. In the medium and longer term Bitcoin and Litecoin are strongly related; it is believed this is due to their similarity.
While its price had fallen slightly from a 24 hour high of $68,525 on Tuesday morning to $67,983.80 as of 2.10pm, Bitcoin’s price hike still represents a year-on-year increase of more than 300% on last November’s value.
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