Within a brief span of fewer than five hours, Goon [GOON] cryptocurrency recorded an extraordinary surge of almost 6000%, only to retrace a significant portion of those gains shortly after. With a market capitalization of just $1.2 million, Goon does not require as much trading volume as higher-cap altcoins to experience substantial price increases.
It is highly probable that we will witness similar rapid surges in value for numerous new tokens entering the market. While some of these tokens will shine brightly for a moment, many others will soon fade into obscurity. Thus, the pursuit of undiscovered low-cap “gems” remains a risky endeavor.
The dominance of Bitcoin [BTC] has breached the 60% resistance level for the first time since May 2021, continuing its uptrend on the weekly chart as the price of Bitcoin approaches the $100,000 mark.
Further advancements in the price of BTC, coupled with a rising BTC.D dominance index, would bode well for the prospects of an uptrending altcoin season.
Resilience of GOON Following Steep Pullback
On November 20th, the price of GOON surged from $0.00788 to $0.581 (values denoted in thousands for clarity), registering an impressive 5,974% surge within five hours. Subsequently, Fibonacci retracement levels were utilized to pinpoint key support levels, with the $0.1307 mark, representing the 78.6% retracement level, standing out.
Although expectations were for a bounce at this level, GOON crypto dipped further, hitting $0.0615 on November 21st before initiating a recovery phase.
Observing the 30-minute chart, the MACD indicator appeared poised to form a bullish crossover above the zero line, signaling a potentially strong buying trend.
Contrarily, the A/D indicator indicated a decrease in buying pressure following the recent uptick, hinting at a lack of sustained demand.
Disclaimer: The opinions expressed here do not constitute financial, investment, or trading advice and are solely reflective of the author’s viewpoint.