Connect with us
Active Currencies 16048
Market Cap $3,756,082,108,536.90
Bitcoin Share 52.97%
24h Market Cap Change $4.96

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

2min Read

GOON has strong bullish potential in the coming hours, but there needs to be greater demand or the momentum might fall flat.

GOON crypto up 1,900% in a day, MACD bullish crossover signals further gains

Share this article

  • GOON is up 1,940% in 24 hours.
  • The token’s price recovery is on track after the large pullback.

Goon [GOON] crypto saw gains of nearly 6000% in under five hours but was forced to retrace a good chunk of those gains. The meme coin’s market capitalization is only $1.2 million, meaning large price pumps do not require as much volume as larger-cap altcoins.

The market will likely see these swift pumps continue for the hundreds of new tokens out there. For each token that makes these remarkably quick rallies, a score of others has likely faded into irrelevance. This is one of the reasons why hunting for low-cap “gems” is a risky venture.

Bitcoin Dominance Chart

Source: BTC.D on TradingView

The Bitcoin [BTC] Dominance Chart has surpassed the 60% resistance zone for the first time since May 2021. It has continued higher on the weekly chart as the price of Bitcoin approaches $100k.

More gains for BTC and a rising BTC.D is a good outcome- the higher the BTC.D goes, the stronger a potential altseason would be.

GOON recovering from deep retracement

On the 20th of November, the price of GOON soared from $0.00788 to $0.581 (values multiplied by 1000 for legibility). This represented a 5,974% gain within five hours. A set of Fibonacci retracement levels were plotted based on the move.

They highlighted the $0.1307 level as a key support, being the 78.6% retracement level. However, GOON crypto went lower, reaching the $0.0615 level on the 21st of November before recovering.


Realistic or not, here’s GOON’s market cap in BTC’s terms


The MACD on the 30-minute chart was on the verge of forming another bullish crossover above the zero line. This would signal a strong bullish impetus.

The A/D indicator has fallen lower despite the recent gains, suggesting that there was a lack of sustained demand.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Share

Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.