GOON [GOON] Crypto Saw Gains of Nearly 6000% in Under Five Hours

The meme coin's market capitalization is only $1.2 million, meaning large price pumps do not require as much volume as larger-cap altcoins.

Goon [GOON] crypto saw gains of nearly 6000% in under five hours but was forced to retrace a good chunk of those gains. The meme coin’s market capitalization is only $1.2 million, meaning large price pumps do not require as much volume as larger-cap altcoins.

The market will likely see these swift pumps continue for the hundreds of new tokens out there. For each token that makes these remarkably quick rallies, a score of others has likely faded into irrelevance. This is one of the reasons why hunting for low-cap “gems” is a risky venture.

According to the latest data from Cointelegraph Markets Pro and TradingView, the price of GOON rose from a low of $0.00788 on the 20th of November to reach a high of $0.581 by the 21st (Values multiplied by 1000 for legibility). This marked a gain of 5,974% over the five-hour period.

A set of Fibonacci retracement levels were plotted on the chart based on this move, highlighting the $0.1307 level as a key support zone, being the 78.6% retracement level. However, GOON crypto went lower, reaching the $0.0615 level on the 21st of November before recovering.

The MACD on the 30-minute chart was on the verge of forming another bullish crossover above the zero line. This would signal a strong bullish impetus.

The A/D indicator has fallen lower despite the recent gains, suggesting that there was a lack of sustained demand.