Altcoin

GOON crypto rises 1,900% in one day – What next for the low-cap coin?

Published

12 months ago

November 21, 2024

DCS Team

Credit : ambcrypto.com

GOON is up 1,940% in 24 hours.
The token’s worth restoration is on monitor after the key pullback.

Goon [GOON] crypto posted positive aspects of virtually 6000% in lower than 5 hours, however was pressured to claw again a big portion of these positive aspects. The meme coin’s market cap is barely $1.2 million, which means massive worth pumps do not require as a lot quantity as larger-cap altcoins.

The market will probably see this fast pumping proceed for the a whole lot of latest tokens on the market. For each token that makes these remarkably quick rallies, a dozen others have probably turn out to be irrelevant. This is among the the explanation why looking for low-capitalization “gems” is a dangerous endeavor.

Supply: BTC.D on TradingView

The Bitcoin [BTC] The Dominance Chart has crossed the 60% resistance zone for the primary time since Might 2021. It stays increased on the weekly chart as the value of Bitcoin approaches $100,000.

Extra positive aspects for BTC and a rising BTC.D is an efficient end result: the upper the BTC.D goes, the stronger a possible altseason could be.

GOON recovers from deep retracement

Supply: GOON/USD on DEXScanner

On November 20, GOON’s worth rose from $0.00788 to $0.581 (values multiplied by 1000 for readability). This represented a acquire of 5.974% inside 5 hours. Primarily based on the transfer, a sequence of Fibonacci retracement ranges had been plotted.

They highlighted the $0.1307 degree as a key help, being the 78.6% retracement degree. Nonetheless, the GOON crypto fell and reached the $0.0615 degree on November 21 earlier than recovering.

READ Fidelity launches zero-fee crypto retirement accounts with exposure to Bitcoin, Ethereum and Litecoin

Real looking or not, right here is GOON’s market cap in BTC phrases

The MACD on the 30-minute chart was about to type one other bullish crossover above the zero line. This could point out robust bullish momentum.

The A/D indicator has moved decrease regardless of current positive aspects, indicating an absence of sustained demand.

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling or different recommendation and is solely the opinion of the creator.