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Ranked #238 in the crypto market, the DEGEN token has gained attention for its recent price movements. Currently priced at $0.01954 after a 4.82% drop in the last 24 hours, it hovers near critical support and resistance levels.
Despite declining trading volume, technical indicators suggest a potential bullish breakout if the token maintains its trend above a resistance level.
Crypto analyst CryptoBull_360 highlighted DEGEN’s recovery from a significant support zone on lower time frames (LTFs), suggesting a potential rally. The token has shown strong buying activity in its accumulation zone, marked as green on the chart.
If DEGEN breaks above the identified resistance, it could see a price increase between 30%-50%, depending on market momentum.
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The current price movement builds on DEGEN’s historical pattern of sharp spikes followed by retracements, aligning with its ongoing recovery trend.
The chart’s lower blue band indicates a key consolidation level, while the green band represents a base for potential upward moves. However, a successful rally depends on sustained buyer activity and a clear break above resistance.
Market Metrics and Technical Indicators
DEGEN’s market capitalization currently stands at $277.14 million, while its 24-hour trading volume has decreased by 40%, settling at $93.34 million.
Despite this drop, open interest has risen slightly by 1.03% to $36.75 million, reflecting steady trader participation. The long/short ratio remains balanced at 0.9681, indicating equal competition between bullish and bearish positions.
Technical indicators show neutral momentum, with the MACD hovering near the signal line, signaling no clear directional trend. The RSI reads 46.37, indicating the token is neither overbought nor oversold.
Volatility Signals From Liquidation Data
Liquidation data reveals heightened market volatility, with long positions accounting for most of the liquidations. Over the past 24 hours, total liquidations reached $407.41K, with $283.58K from longs and $123.83K from shorts. Most of the liquidations occurred within a four-hour window, highlighting risks for overleveraged trades.
As DEGEN consolidates near key price zones, traders remain cautiously optimistic. Sustained buying activity and a breakout above resistance could confirm a bullish trend in the coming sessions.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.