But before you look further make sure you’re aware of the risks when it comes to cryptocurrencies in general.
These platforms allow holders to exchange their cryptocurrency holdings for major fiat currencies like the U.S. dollar and euro, and for other cryptocurrencies, including less-popular currencies.
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But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
Jack Purdy, a senior research analyst at crypto analysis firm Messari Inc., said that while he didn’t know how risky SafeMoon might be, its website makes it clear that it’s designed to get investors to buy and hold to “earn passive rewards through static reflection as they watch their balance of SafeMoon grow indefinitely.”
And new cryptocurrency applications take root with impressive frequency — Cryptomaniaks has a great look at the fast-growing world of cryptocurrency sports betting sites as just one example.
Cryptocurrency is an exciting concept with the power to fundamentally alter global finance for the better.
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.
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The information you requested is not available at this time, please check back again soon. More Video Jul 16, 2021 Crypto SafeMoon’s Rules to Tamp Down Selling Raise Red Flags An engineer uses a drill to carry out maintanence to a mining rig draw housing graphics processing units (GPU) at the Evobits crypto farm in Cluj-Napoca, Romania, on Wednesday, Jan. 22, 2021. The world’s second-most-valuable cryptocurrency, Ethereum, rallied 75% this year, outpacing its larger rival Bitcoin. , Bloomberg
A look at recent charts shows that Safemoon has been on a downtrend since early November. Safemoon has also not been doing very well since its last all-time high around April 21, 2021. Despite rising in mid-May, the next time Safemoon saw bullish growth was at the end of October.
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With its hourly RSI nearly bottoming out at around 30, there is a case for optimism. However, to resume bullish movement, FTM will need to hold $2.5 and the nearest resistance at $2.72, based on a 50% fibonacci retracement. It will then need to claim the $2.87 level in the short term. Should it succeed, the key daily level of $3.18 is attainable.
Analyst Ken Goldman cites concerns over the imitation-meat company's wider-than-expected third-quarter losses.
“It was almost like you just gave a 21-year-old a million dollars,” Harrison said. “I get it -- they were excited to be so popular.”
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