Unlike traditional payment processors, such as PayPal and credit cards, most cryptocurrencies have no built-in refund or chargeback functions, although some newer cryptocurrencies have rudimentary refund features.
This positive view will invalidate if the price turns down from the current level or the overhead resistance and plummets below the support line of the wedge.
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“What differentiates SafeMoon is that they’re putting this out there in the open for everyone to see, and are not trying to hide the fact that’s how the system works,” he said.
The inability to get SEC approval really held back bitcoin and cryptocurrencies in general. It sent the message, says Innes, “that there wasn’t underlying support from Wall Street.” Meanwhile, the price dropped from around $10,000 to $6,000.
SafeMoon stands from "Safely to the Moon", a phrase that was adopted by Redditors about DogeCoin which refers to the price flying upwards "as high as the Moon".
This suggests that bulls have flipped the $1.24 level into support. This level could now act as a launchpad for the next leg of the up-move. The XRP/USDT pair could rally to the overhead resistance at $1.41 where the bears are expected to mount a stiff resistance.
Last Tuesday, Squid was trading at just 1 cent. In less than a week its price had jumped to over $2,856.
Non-fungible tokens, in contrast to bitcoin, are each unique and cannot be replaced by something else.
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Bitcoin is down roughly 20% week-over-week, around 30% from its all-time high of nearly $65,000 early last week. The market cap of the coin has dipped below $1 trillion. The tumble has been less severe for Ethereum, which hit an all-time high just yesterday but has since dropped 13% as the broader market has crawled back.
It's likely SafeMoon - the 203rd-ranked cryptocurrency on CoinMarketCap - will eventually be listed on further exchanges. This is especially likely after Coinbase CEO Brian Armstrong tweeted in June: "Our goal is to list *every* asset where it is legal to do so."