One of the core areas adopting blockchain technology is Web 3.0 and social media networks. Users can have more control over their content with the help of blockchain technology, unlike the current scenario where only a handful of Web 2 companies have total control. One of the platforms venturing into Web 3.0 and decentralized social media spaces is Decentralized Social. Its native token, DESO, is currently among the top performers in the crypto market.
DESO is trading at $126.65 at the time of writing after a 35.8% gain in 24 hours.
DESO price analysis
During the past 24 hours, DESO’s gains have stood out because the rest of the cryptocurrency market is headed towards a steep decline. With Bitcoin and Ethereum dipping to $47K and $3700, respectively, the majority of the market has also retreated.
However, despite the lack of market support, DESO is still making notable gains, with the altcoin standing among the top gainers during the past 24 hours. During this time, the strong bullish rally has led to DESO clinching new monthly highs.
With DESO being among the few altcoins that have shown a price action, the buyer support could continue, with short term traders jumping in to take advantage of the gains. If there is increased demand, DESO could push towards the next resistance at $130.
The altcoin could also push past these levels, given that the 24-hour bullish rally has allowed it to reach $139. While there is a slight dip from these highs, DESO could go back to trading at these levels again if buyers accumulate more.
On the downside, a dip could happen because of the bearish trend in the broader market. If DESO were to erase the gains made during the past 24 hours, it could retreat to below $100. Such dips could be caused by short-term traders who might trigger a sell-off due to a lack of enough support to push the coin to higher levels.
The gains made by DESO during the past 24 hours are due to the “Coinbase effect”. This happens when a coin is listed on the Coinbase exchange, which creates much buzz and rallies traders to buy.
DESO will soon be available for trading on Coinbase Pro, and according to the announcement, trading for DESO on Coinbase Pro will commence on December 14 if liquidity requirements are met. The token will be available under the DESO/USD, DESO/USDT and DESO/EUR trading pairs.
Where to buy DESO
If you want to buy DESO during the current gains, you can open an account on the following platforms:
eToro stands as one of the most reliable and secure exchanges. It is ideal for both new and expert traders because of the wide array of features available. eToro charges competitive trading fees, and it is licensed in multiple jurisdictions.
You can buy DESO from Blockchain.com. This is also another secure and reputable exchange. It has a friendly to use interface that comes in handy for beginners. Trading fees on this platform are also competitive.
Your capital is at risk.