A look at the recent charts shows that Safemoon has been on a downward trend since the start of November. Safemoon has also not been doing very well since its last all-time high around 21st April 2021. Despite a surge in mid-May, the next time Safemoon experienced bullish growth was the end of October.
Cryptocurrency is a type of currency that’s digital and decentralized. Cryptocurrencies can be used to buy and sell things, and their potential to store and grow value has also caught the eye of many investors.
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One of the clearest distinctions between the main Binance platform and Binance.US is the number of cryptocurrencies (and fiat currencies) with which you can trade. As of early 2021, the number of cryptocurrencies on Binance.US stood at just 53, while the original version of the platform supports over 200 different coins.
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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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On the contrary, if the price rebounds off the breakout level, it will suggest that bulls are buying on dips. The pair could then rally to the overhead resistance at $2.47. This is an important resistance for the bears to defend because if it cracks, the pair could rise to $2.80.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.
@waronrugs, a KOL with 100,000 followers on twitter, said that 50% of Safemoon is held by its founding team, so they may possibly crush the market at any time. All business logics of 4JNET follow the smart contract, and the team does not hold 4JNET tokens and have no access to the investors’ funds.
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Bitcoin’s price spiked above its previous record high of $67,700 seen in late October on Tuesday morning in a continued surge of support for the world’s most popular cryptocurrency.
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.
In this eventuality, BTC could drop toward the 100 or 200 four-hour moving average. These demand zones sit at $59,000 and $52,000 respectively.