Following a recent rebound from a small pullback phase, Degen is back in an upward range as it slowly builds up for a bigger price movement. The current monthly high is an obstacle for the latest buy signal.
After witnessing a massive explosion in the second week of the month, Degen cooled off the rally, took a break and went on a short pullback last week. Luckily, the $0.0047 level provided support it bounced back.
Increasing slightly from that support, it currently trades at around the $0.0059 level as volume slowly evaporates into the market. An increase in the buying volume may trigger a massive explosion, just like what we saw two weeks ago. That may bring a full recovery to the yearly high.
Flipping through this mentioned high could activate a mega rally in the mid-term. However, it is important to note that there are lot of obstacles ahead. Failure to advance higher may result in another drawdown. But with the look of things, the bulls will likely show strong commitment.
Among top projects, Degen is currently the most trending asset on the Base according to Coingecko metrics. Others will likely follow suit if volume flows back in the market as it posts a double-digit gain today.
Degen’s Key Level To Watch
A strong daily close above $0.006 should bring us back to the monthly $0.0089 high with a potential breakout to the $0.0112 resistance. The next resistance level to keep in mind on the way up is $0.0153.
The holding $0.0047 support level is not strong yet. If it collapses by any chance, the lower support to consider for a broader pullback would be $0.0035 and $0.0028 before climbing back.
Key Resistance Levels: $0.0089, $0.0112, $0.0153
Key Support Levels: $0.0047, $0.0035, $0.0028
- Spot Price: $0.0059
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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