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Highlights
- Decentralized Social (DESO) is a blockchain network designed to power Web3-based social networks.
- DESO crypto on 1 September was down by 2.89% in the past 24 hours, according to CoinMarketCap.
- DESO crypto on Thursday was trading at US$5.66 with a trading volume of US$2,93,414 over a day.
Decentralized Social (DESO), the blockchain network designed to power Web3-based social networks, has been struggling of late. DeSo crypto may feel the effects of the overall market situation, which has turned bearish since the weekend.
The bearishness is quite evident in DESO crypto’s performance on 1 September. The token was down by 2.89% over a day, according to CoinMarketCap. Today’s performance reflects its performance of late as it has struggled for momentum for more than a month now.
DSEO crypto has witnessed strings of losses, resulting in an overall loss of over 29% over the past month.
Launched in 2019, the DESO aims to solve the existing problem of storing and indexing social applications on the blockchain. As a hybrid P2P protocol, it ensures that DESO users have access to decentralized tools with unique intuitiveness features.
Why is it trailing?
One of the reasons for DESO’s poor outing in the market may be due to overall bearishness. Besides, ever since it touched its all-time low on 27 August at US$5.43, it hasn’t managed to recover the confidence amongst its investors. The ATL dip coincided with the drop of the overall market cap to the crypto market.
DESO’s RSI on Thursday stood at 26.42, indicating it was in an oversold position during the intraday trading session. Having said that, there would be a slight bit of hope as well, considering the volume today witnessed a spike of over 25%.
Image Credit: Trading View
From the MACD perspective, the token’s performance has also seen major changes DESO bears are managing to climb above the bulls due to the dip. With the signal line climbing above the MACD line, the investors will be hoping for a quick change of fortune soon.
How is DESO crypto faring?
DESO crypto on Thursday was trading at US$5.66 with a trading volume of US$2,93,414 over a day, as per CoinMarketCap. The social blockchain protocol had a live market cap of US$5,02,71,941with a circulating supply of 88,84,536 DESO coins.
The crypto market participants hope that crypto markets can recover from the bearish trend. But with the crypto market cap still down by 1.77% as on 1 September at US$977 billion, it may be tough for cryptos to pull themselves out. But, one should keep in mind that things can change pretty quickly in the crypto market, and prices can fluctuate easily. Therefore, a market participant should always be prepared and conduct proper market research before entering the space.
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