Decentralized Social （DESO） faces a sharp decline of 44% after the SEC charges BitClout founder, while a new Play-to-Earn DOGE ICO gains significant traction.
Points
- DESO price drops 44% following SEC charges against BitClout founder.
- New Play-to-Earn DOGE ICO captures market attention.
- DESO’s technical analysis indicates potential recovery.
- Market sentiment and legal developments impact DESO’s price.
Decentralized Social （DESO） has experienced a sharp decline in price, plunging 44% after the US Securities and Exchange Commission （SEC） announced charges against BitClout founder Nader Al-Naji. The SEC’s complaint alleges that Al-Naji sold $257 million in unregistered securities via the project’s native BTCLT token and misused a portion of investors’ funds.
The Decentralized Social Price Loses a Major Support Level
The Decentralized Social price lost the key support level at $11.5756 in the last 24 hours and has now formed a new support at $7.6030. Should DESO drop below this new technical safety net in the next 24 hours, the crypto could be exposed to the risk of plunging further in the short term.
On the other hand, the Decentralized Social price closing today’s daily candle above $7.6030 could invalidate the bearish thesis. In this alternative scenario, the altcoin’s price might attempt to reclaim a position above the $11.5756 mark. Continued buy volume could lead to DESO overcoming the $15.1787 resistance level to potentially rise to as high as $17.9503.
Technicals Warn The Decentralized Social Price Is Still At Risk
DESO is currently deep in oversold territory, as evidenced by the current RSI reading of 17. This extremely low RSI value could be seen as a long entry by traders since it suggests the crypto’s upside potential is far greater than its downside potential. However, it is not unusual for the RSI to remain this low when a crypto is being dumped.
Meanwhile, the MACD line recently crossed below the MACD Signal line to indicate that the Decentralized Social price has entered a short-term negative trend. What’s more, the growing gap between the two lines might be a warning that this bearish momentum is intensifying.
A Modern Version Of A 90s Gaming Classic Entering The Meme Coin Space
PlayDoge （PLAY） is a new meme coin project that aims to reignite the popularity of the viral 90s Tamagotchi game. Back in the day, these digital pets were a massive hit, with millions of units sold globally.
Through its own version of the game, PlayDoge aims to achieve the same level of virality.
Original gameplay was fairly limited. The digital companions would inevitably end up dying, leaving players with no choice but to reboot their systems and start all over. PlayDoge will introduce a more interactive experience that is enabled through blockchain technology.
By taking care of their virtual pets, players stand to earn crypto rewards paid out in PLAY.
PlayDoge’s version of the once-popular game will also offer support for mobile technology. Players can therefore constantly keep an eye on their virtual pets even on the move to potentially earn additional rewards.
A Top 10 Meme Coin
The momentum behind the PLAY presale was enough to catch the attention of an analyst from the No BS Crypto YouTube channel.
In a recent video to the channel’s 90,500 subscribers, the analyst ranked PLAY among the top 10 meme coins expected to perform well in 2024.
Anyone looking to buy PlayDoge at this early stage can do so through the simple buy widget embedded on the project’s website.
PLAY is currently selling for $0.00524 and can be bought using either ETH, USDT, BNB or bank card.
Once purchased, the PLAY tokens can also be staked for an 80% annual yield being offered to ICO buyers.
Investors will want to act fast, however, because the crypto’s price is set to increase in less than 23 hours.
解説
- DESO’s price drop follows SEC charges, highlighting the impact of legal developments on crypto markets.
- Technical indicators suggest DESO could recover if key support levels hold.
- PlayDoge’s entry into the meme coin space leverages nostalgic appeal and blockchain technology.
- The success of PlayDoge’s presale and staking opportunities underscores investor interest in innovative projects.