USUAL Token Explodes 33% Amid Crypto Selloff: What’s Fueling the Rise?
Qadir AK20 Dec 20242 min read
Amid a broader crypto market correction, sparked by heavy whale sell-offs and around $1 billion in leveraged liquidations, the Usual (USUAL) token has emerged as a major outlier. It surged by 33% in the last 24 hours, reaching about $1.46 during the early European session on Friday. The recently launched altcoin has caught the attention of more crypto traders, especially after being listed on major exchanges, including Binance.
Keep reading to find out what’s driving this rise and where it could go from here.
USUAL’s Market Performance
According to the latest data, the Usual token boasts a volume-to-market cap ratio of 222%, with a fully diluted valuation of $6.3 billion. This highly liquid altcoin has attracted over $1.2 billion in total value locked (TVL) through its USDO Stablecoin, positioning it as a key player in the stablecoin market.
The Usual protocol launched as a secure, decentralized issuer of fiat-backed stablecoins. It redistributes ownership and governance through the USUAL token, aggregating the growing Real-World Asset (RWA) industry. The protocol has attracted major players like BlackRock, Ondo, Mountain Protocol, and Hashnote.
Earlier this week, the Usual protocol announced a strategic partnership with Ethena and BUIDL by Securitize to unlock higher yields in the stablecoin space. These partnerships have contributed to increased interest in the altcoin and helped fuel its recent price rise.
USUAL Technical Analysis
While the altcoin has been on the rise in recent weeks, a potential correction may be on the way. With just 12.37% of USUAL tokens in circulation, there is a risk of increased selling pressure, especially as airdrop recipients look to take profits.
From a technical analysis standpoint, USUAL’s price has been forming a rising wedge, while the Relative Strength Index (RSI) remains in overbought territory above 90%. If the market sentiment shifts, a correction could push the price down to the support level of around 65 cents, presenting an opportunity for traders to buy on the dip.
With its strong partnerships and growing market presence, Usual might just be a token worth keeping an eye on in the coming months.
