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The Decentralized Social price plummeted over 44% in the last 24 hours to trade at $8.50 as of 7:05 a.m. EST.
This sharp decline in the DESO price comes after the US Securities and Exchange Commission (SEC) announced charges against BitClout founder Nader Al-Naji.
In its complaint, the SEC alleged the BitClout founder sold $257 million in unregistered securities via the project’s native BTCLT token and misused a portion of investor’s funds.
The SEC also named Decentralized Social, which is a newer project that Al-Naji is involved in, in its complaint.
The Decentralized Social Price Loses A Major Support Level
Daily chart for DESO/USDT (Source: TradingView)
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.
Thereafter, 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
Technical indicators on DESO’s daily chart suggest the crypto could keep falling in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing negative signs.
DESO is currently deep in oversold territory, as evident 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.
While DESO stands the risk of falling even more in the next 24 hours, investors are flocking to PlayDoge (PLAY) as it storms towards $6 million in funds raised in its presale.
A Modern Version Of A 90s Gaming Classic Entering The Meme Coin Space
PlayDoge (PLAY) is a new meme coin project that aims to re-ignite the popularity around 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.
Purchase PLAY here before its next price increase.
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