Even though the current downside move is sure to shock some investors, slight corrections after reaching new all-time highs are a customary practice for Bitcoin.
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The week has been much more successful for some of SAFEMOON’s fellow DeFi tokens. Kava.io (KAVA) hit an all-time high on August 22, and data indicated that it has made a couple of further attempts to reach those heights since. In addition, Terra (LUNA) also achieved its latest all-time high, hitting $36.61 in the morning of August 29. This milestone is the result of an impressive total growth of nearly 30%. It also brings the token closer to a spot in the top 10 most valuable cryptocurrencies by market capitalization. LUNA is currently ranked 11th.
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The repeated retest of a support level within a short interval tends to weaken it. If the price breaks below $49.78, the DOT/USDT pair could drop to the 20-day EMA ($48.09). This is an important support for the bulls to defend.
Results were generated a few mins ago. Pricing data is updated frequently. Currency in USD
From the perspective of technical analysis, profit-taking near all-time highs and the need for a retest of lower support levels are normal processes for most cryptocurrencies. In fact, a quick glance over discussions by many analysts and traders on Twitter shows that most expected BTC to revisit lower support levels at $64,000 and below before recapturing bullish momentum and moving higher.
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The launch of the SafeMoon (SAFEMOON) wallet ran into unexpected technical issues, shortly following its release.
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The SafeMoon Protocol is a community driven, fair launched DeFi Token. Three simple functions occur during each trade: Reflection, LP Acquisition, & Burn.
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The supply of a cryptocurrency depends on how many new coins are being mined and how many current owners want to sell their coins.
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Cryptocurrency is a good investment if you want to gain direct exposure to the demand for digital currency, while a safer but potentially less lucrative alternative is to buy the stocks of companies with exposure to cryptocurrencies.
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“Based on our current trajectory, I believe we could have an extremely successful IPO in the next two to three years,” Shroder said in response to a question from Bloomberg News. Binance.US would look to close its ‘first seed round by the end of the year,” he said.