NAIROBI (CoinChapter.com)—The DEGEN crypto token is displaying a clear upward trajectory, following a strong breakout within an ascending channel. Currently trading at $0.01817, the token gained over 40% in the past 24 hours, driven by increasing market interest and strong volume.
Consolidation Signals Possible Breakout for DEGEN
DEGEN displays a clear upward trajectory, following a strong breakout within an ascending channel. On the daily chart, the moving averages are the 10-day and 100-day simple moving averages at $0.00793 and $0.00854, respectively.
The resistance, on the other hand, is at $0.01236. Sustained trading below or above this channel would create the basis for an ascent to $0.01639.
The RSI is 79, signaling overbought conditions, which may lead to short-term consolidation. However, increasing trading volume supports the bullish narrative as market participants show strong interest.
A cup-and-handle pattern is forming on DEGEN’s chart, signaling potential upward movement. Traders are targeting $0.17 in the short term. However, if DEGEN descends below the $0.0043033 support level, the hope for a bullish move will be dented, and investors should be cautious.
Crypto commentator Ray F. on Farcaster emphasized the critical role of the $0.010-$0.012 range for DEGEN’s price movement. He also suggested that breaking above this zone and turning it into support could pave the way for new highs.
His analysis aligns with the increasing market interest as traders closely watch DEGEN’s potential for a breakout.
DEGEN’s listing on Coinbase has already generated buzz, and reports suggest it may pursue a Binance listing to enhance its market visibility.
Above all, DEGEN is gaining traction as traders prepare for a breakout ahead of altcoin season. Certainly, bullish patterns suggest potential upward moves, making it a focal point for investors targeting new highs.
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