Our DESO crypto price prediction appears to be bullish once again as the price bears are losing momentum. DESO coin has been in a correction after rejection from the $100 psychological level. The price was trading inside the falling wedge for the last 2 weeks. However, DESO price has now broken out of the wedge signaling a major bullish move. On Tuesday, the price dipped to $36.6 level but the bulls held the 0.786 Fib level to keep the uptrend intact.
DESO token is the native token of the Decentralized Social blockchain. The platform was previously known as BitClout. As the name suggests, DESO aims to become the blockchain for future decentralized social platforms. The existing social networks are quite centralized and often don’t give users any control over their data. As is the case with most networks, DESO crypto price prediction massively depends on the adoption of its blockchain.
As per the latest DESO News today, the platform currently hosts 1.5 million wallets. More than 100 apps are also running on it with 65 million transactions already processed. However, these stats need to be independently verified before making them a part of any investment decision. Unlike most other tokens that are available on only Ethereum, DESO has its own blockchain.
Technical analysis of the DESO price chart shows a clear increase in volume. At the time of writing, the cryptocurrency is trading at $41.86 and 80% below its June 2021 ATH of $198.6. Nevertheless, if the bulls keep the momentum then the price could soar above $70 very soon. This is due to the fact that DESO crypto has broken out of the falling wedge and could easily target the top of the wedge.
We can also analyze the key Fib levels by connecting $28 to the recent highs of $99.3. This gives us a DESO crypto price prediction of $60 and $75. Both of these price levels align with the 0.382 and 0.618 Fib levels respectively. However, it is important to note here that any lower low than $38 might start another downtrend. Therefore, proper risk management is necessary before entering into any trade in the current market.
This post was last modified on %s = human-readable time difference 22:22