- The SO coin price increased 23% after the retest of the support area.
- It is currently trading between the 200-day EMA and the 50-day EMA.
The DESO token is a native cryptocurrency of the Decentralized Social blockchain. It works as a platform designed to support a wide range of decentralized social media applications. DeSo is an underlying system that can eliminate the downside of centralized social media platforms. It stores and manages all content that is created and referenced by social media applications.
Major Past Actions of the DESO Coin
In April 2022, the DESO coin price broke below the important support level of $26.73, which led to a drop-down of more than 80% of its value. After four months, the crypto investors have gained interest in the DESO price. As a result, it recovered 300% of its value in a short impulsive bullish rally.
The price faced resistance from the $26.73 previous support level and drew back to its initial support level of $6.38. Early this year, it again started a bullish rally toward the previous resistance but failed at the supply zone of $15.22. As a result, the DESO coin price has dropped down to the demand level of $7.53. This level has become responsible for the multiple bullish rejections. the price has made a pullback from the %7.53 demand level, reflecting the strong bullish sentiments.
The DESO coin’s current market capitalization stands at $77,877,984 with a circulating supply of 8,884,536 DESO coins. The price has observed an increase of 15.25% during the 24-hour trading session. Currently, It holds the coin value at $8.61.
Technical Analysis of the DESO Coin
The DESO coin price is currently trading above the 50-day EMA, reflecting it has overcome the strong downtrend. Currently, the 200-day EMA is at $9.27 has become an important resistance for the price. On the other side, the 50-day EMA is at $8.61.
At press time, the DESO coin price is ranging between the $9.19 and $8.24 levels. It made an instant pull-back from the $7.53 support level. Right now, it faces resistance from the $9.19 upper range. In the last trading session, the price formed a weak bearish candle at $8.91 displaying the sellers’ presence. Moreover, the relative strength index (RSI) indicates a bullish divergence in the price momentum. At present, the RSI is sloping above the 50-mark middle band.
Conclusion
The DESO price has seen multiple rejections from the $7.53 demand level. Currently, it made a successful pull-back from that level. It is trading above the 50-day EMA which is indicating a sign for a potential reversal. Therefore, we expect a bullish scenario out of this analysis. DESO price is currently ranging between $9.19 and $8.24 levels, somehow if the price crosses above the upper range, it may move toward the $10.83 resistance level.
Technical Levels
- Resistance levels: $9.19 and $12.03
- Support levels: $8.24 and $6.38
Disclaimer
The views and opinions of the author or anyone in this article are for informational purposes only. They do not offer financial, investment, or other advice. Investing in or trading crypto assets involves the risk of financial loss.