Amidst the ongoing crypto correction fueled by heavy whale selling, which has resulted in a total leverage liquidation of around $1 billion, Usual (USUAL) has emerged as the top outlier with a 33 percent growth in the last 24 hours to trade at around $1.46 on Friday during the early European session. The recently launched altcoin has caught the attention of more crypto traders after listing on major crypto exchanges led by Binance.
Usual is up about 222 percent, having reached a fully diluted valuation of around $6.3 billion. The highly liquid altcoin has attracted over $1.2 billion in total value locked (TVL), via the USDO stablecoin.
Why are regular protocols so important?
Usual Protocol debuted as a secure, decentralized issuer of stablecoins, redistributing ownership and governance through the USUAL token. Usual Protocol brings together the growing RWA industry of leading entities led by BlackRock, Ondo, Mountain Protocol, Hashnote, and others.
Earlier this week, Usual Protocol announced a strategic partnership with Ethena and BUIDL by Securitize to unlock higher yields in the stablecoin industry.
What's next?
The mid-cap altcoin has been rising sharply in the past few weeks, but the short time frame suggests a potential correction is on the horizon. With only 12.37% of USUAL tokens in circulating supply, the altcoin is facing higher potential selling pressure as holders of the launched stakes seek to lock in profits.
From a technical analysis perspective, USUAL price has been forming a rising wedge, with the daily Relative Strength Index (RSI) hovering in the overbought zone above 90 percent. With the USUAL token’s increasing greed, a potential correction could push the altcoin towards the support level at around 65 cents.
