- 0x58e’s $USUAL stake and withdrawal highlight confidence despite market uncertainty.
- Key resistance at $0.70 and support at $0.66 shape $USUAL’s price outlook.
- Bearish RSI and MACD signals suggest continued downward momentum for $USUAL.
The $USUAL token has attracted attention recently, particularly with one notable investor, 0x58e. Despite the prevailing market uncertainty and fears (FUD), 0x58e has made a strong commitment to the token.
As per OnchainDataNerd, the investor withdrew 1.5 million $USUAL (~$1.02M) from Binance, bringing their total holdings to 5.5 million tokens. This decision comes at an average entry price of $0.92, showcasing the investor’s confidence.
Furthermore, just hours ago, they staked all their $USUAL for $USUALX, indicating a long-term strategy despite facing a paper loss of approximately $1.29M.
Key Resistance and Support Levels
The current market environment for $USUAL is marked by some volatility, with the token experiencing a slight dip. As of press time, $USUAL is priced at $0.6713, reflecting a 2.26% decrease in the past 24 hours.
Market participants are closely watching key resistance levels that have hindered the token’s price from advancing higher. The $0.70 level is proving to be a strong resistance, with repeated peaks around this value indicating sell pressure. Another resistance zone is located at $0.688, where the price has struggled to maintain upward momentum during intraday trading.
On the other hand, the token’s support levels are showing signs of buyer interest. The $0.66 support level has consistently seen price bounces, suggesting that there is demand at this level.
Furthermore, $0.64 has also proven to be a reliable support zone, with price rebounds occurring at this point during price dips. These levels could act as a safety net, offering traders an opportunity to accumulate more tokens.
Market Sentiment and Technical Indicators
The broader sentiment surrounding $USUAL is characterized by heightened volatility. With a 24-hour trading volume of $166.26 million, liquidity is ample, and price swings are to be expected. Traders are keen to act on any movement near key price levels, making these levels crucial in determining the next direction for the asset.
From a technical perspective, the Relative Strength Index (RSI) currently sits at 38.58, suggesting bearish momentum. Similarly, the Moving Average Convergence Divergence (MACD) indicator also reflects bearish sentiment, with the MACD line at -0.0183, situated below the Signal line at 0.0519. This suggests a continuation of the downtrend, without clear signs of a reversal at the moment.