This article will analyze the DESO coin according to www.coinmarketcap.com data. First, we will discuss the DESO coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is DESO Coin?
Deso (DESO) is a blockchain-based cryptocurrency that aims to create a decentralized social network where users can connect and interact with each other without intermediaries. Daniel Krawisz, the founder of the Satoshi Nakamoto Institute, founded the project.
Deso’s mission is to give users complete control over their data and content while enabling them to monetize it directly through cryptocurrency payments. This means that users can earn Deso coins for creating engaging content or providing value within the platform.
What are the projects of DESO?
DESO has several ongoing and upcoming projects to revolutionize the social media industry. These projects include:
Social Network: Deso aims to create a decentralized social network where users can connect and interact with each other without intermediaries.
Decentralized Identity System: A system that allows anonymous user identification through cryptographic protocols ensuring privacy while maintaining security levels.
Creator Coin Platform: This platform enables content creators to monetize their work directly by minting their creator coins, which can then be traded on the DESO blockchain or other cryptocurrency exchanges.
Micropayments Infrastructure: A infrastructure allowing for microtransactions between users in return for services rendered or digital goods provided.
NFT Marketplace: Plans are underway to build an NFT marketplace within the Deso ecosystem enabling artists, musicians, gamers, etc., to sell their unique creations via DESO tokens transactions.
In addition to these ongoing projects, Deso plans to add more features, such as an encrypted messaging service, and improve scalability by optimizing the consensus mechanism Proof-of-Transfer (PoT). The goal is to offer a comprehensive service suite that provides value across multiple industries outside the Social Media sector.
Factors Influencing DESO Price
Several factors can influence the price of the DESO coin. Some of these factors include:
Market Demand: The demand for DESO in the market is one of the most significant drivers of its price. If there are more buyers than sellers, the price will go up; if there are more sellers than buyers, it will go down.
Adoption and Acceptance: The level of adoption and acceptance of DESO as a means of payment within social media platforms can also impact its value significantly.
Network Usage: As more users join and interact with each other on the decentralized social network created by Deso while utilizing DESO tokens to pay for services offered on the platform, this could increase the token’s usage leading to an increase in demand for DESO coins.
Competition from Other Cryptocurrencies: With several blockchain-based projects aimed at creating new solutions or improving existing ones that offer similar features like the Deso project may lead to competition between projects driving prices, either way, depending on user preferences.
Regulatory Environment: Changes in regulations towards cryptocurrencies can impact investor sentiment towards investment opportunities offered by projects like Deso
It is important to note that cryptocurrency prices can be volatile due to unpredictable external factors, which makes investing risky hence always do your research before investing.
DESO COİN TECHNICAL ANALYSIS
After seeing its historical high of $ 175.00 in December 2021, DESO dropped 97% by August 2022, down to $ 5.12. Although it went up to $ 15.34 with the purchases in the market in April 2023, it is currently trading at $ 10.13. According to www.coinmarketcap.com data, DESO, which has a size of $91,475,372, has had a volume of $389,672 in the last twenty-four hours.
DESO Chart Analysis
DESO coin fell 97% from December 2021 to August 2022, from $175.00 to $5.12. Although DESO rose to $25 in October of 2022, it started 2023 around $6. Although it went above $ 15 in April 2023, it could not stay at these levels and is currently trading at $ 10.13. When we examine the weekly chart, we see that the DESO coin has declined below the $13.97 resistance zone. If the selling pressure continues, it could decrease to the $8.60 support zone.
This article does not certain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
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