PancakeSwap, a decentralized exchange (DEX) and automated market maker (AMM), built on the Binance Smart Chain, has been one of the drivers of the network’s growth. PancakeSwap-related transactions on Binance Smart Chain surpassed the number of transactions on the Ethereum blockchain for three consecutive days this month.
The media or public sentiment also has a big influence over the price of cryptocurrencies. If a token or platform gets some negative publicity, you would generally see the price of that coin take a dip. While, if the same coin were to get high profile support and good media coverage, the price would almost certainly increase. This means prices are heavily influenced by human emotion and hype.
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An interesting element in the mix is that there is only one Fibonacci level that could give some issues, which is the 23.6% at $0.00000173. With that already broken on October 14 and 15, expect not much resistance there. The 50% Fibonacci level at $0.00000251 could also give some resistance as price emerges following the break out of the bullish triangle.
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After that, five percent of the tax is then allocated to people who still own SafeMoon currency. This is to prevent the price from dropping as people start selling the token.
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The world's second most valuable cryptocurrency, Ether, has been touching all-time highs ahead of a major upgrade of its underlying platform Ethereum.
If you're really looking for a cheap cryptocurrency, VeChain might tickle your fancy. Even at the present price level, an escalation of the selling will expose tenacious VET investors to significant losses. As a result, in order to improve short-term portfolio stability and secure a lucrative future, it is preferable to let the digital asset liquidate the last of the weak holders, bringing price structure clarity.
China announced in September that all cryptocurrency transactions in the country are illegal, effectively putting the brakes on any crypto-related activities within Chinese borders. In the U.S., things are less clear. Federal Reserve Chair Jerome Powell said recently that he has “no intention” of banning cryptocurrency in the U.S while Security and Exchange Commission Chairman Gary Gensler has consistently commented on both his own agency’s and the Commodity Futures Trading Commission’s role in policing the industry.
Bill Noble, chief technical analyst at TokenMetrics, a cryptocurrency analytics platform, thinks the price of Bitcoin will climb throughout the rest of the year. “I think it’s more likely Bitcoin goes to $75,000 than $25,000,” he says.
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