- GOON is up 1,940% in 24 hours.
- The token’s price recovery is on track after the large pullback.
As a seasoned crypto investor with years of experience under my belt, I must admit that the recent surge and subsequent retracement of GOON [GOON] has been nothing short of exhilarating. The 1,940% gain in just 24 hours is a testament to the unpredictable nature of this market. However, as we all know too well, what goes up must come down – and sometimes even faster than it went up.
As an analyst, I’ve observed a remarkable surge in the value of GOON crypto, with gains close to 6000% within just a few hours. However, it was quickly followed by a significant pullback, indicating that the coin had to relinquish a substantial portion of its rapid gains. Given its modest market capitalization of only $1.2 million, it’s evident that large price fluctuations do not necessitate significant trading volumes compared to larger-cap altcoins.
It’s probable that rapid price surges in numerous new cryptocurrencies will persist, but for every token experiencing such sudden growth spikes, many others may lose significance and become virtually obsolete. This is one reason why searching for promising “undiscovered treasures” among low-capitalization tokens can be a risky endeavor.
For the first time since May 2021, the Bitcoin [BTC] Dominance Chart has exceeded the 60% resistance barrier. This trend persists on the weekly chart as the value of Bitcoin inches towards $100k.
A higher Bitcoin (BTC) and an increasing BTC Dominance Index (BTC.D) are both positive signs. As BTC.D rises, it suggests a stronger possibility of an “altcoin season,” where alternative cryptocurrencies may experience significant growth.
GOON recovering from deep retracement
On November 20th, the GOON price surged dramatically from $0.00788 to an impressive $0.581 (rounded figures for clarity). This marked a staggering increase of approximately 597400% in just five hours. Fibonacci retracement lines were subsequently drawn based on this substantial movement.
In simpler terms, they identified the $0.1307 mark as a crucial point of support, since it represented a significant 78.6% pullback. Yet, despite this, the GOON cryptocurrency still dropped, reaching the $0.0615 level on November 21st, before subsequently bouncing back.
Realistic or not, here’s GOON’s market cap in BTC’s terms
On the 30-minute chart, the Moving Average Convergence Divergence (MACD) was almost ready to create another bullish intersection above the zero mark. This suggests a significant increase in bullish momentum.
Despite recent increases, the A/D indicator has dropped more significantly, hinting at insufficient lasting interest or demand.
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2024-11-21 15:03