Rebounding from a short pullback phase last week, Degen rallied hard to a two-month high and marked it as resistance. Initiating a sell, it lost momentum and dropped briefly to where it currently sits at support.
A lot of Base projects have been on the bulls’ radar in the recent bullish rally as sentiments shift slightly from the ever-dominating assets on the Solana network. Degen’s price currently sits at support following this week’s reductions that brought a little setback in the bullish rally.
Prior to the drops, it went massively offensive last week after witnessing a major rebound from a short pullback phase. However, there’s hope for buying as it negotiates the $0.005 level for a rebound. If this level fails to contain the selling pressure, it may navigate to lower support for buys.
If that comes into play, Degen must break above the previous weekly resistance before we can confirm more upward movement on the daily chart. Subjecting to a sideways trend may put the market in a calm phase before it climbs back. Rolling back to the bottom could trigger a new bearish phase if the bulls fail to intercept.
Degen may have lost steam for the past few days, but it is important to note that it is still under the bulls’ radar on the daily scale as the market bias remains positive.
Degen’s Key Level To Watch
If the price drops below $0.005, there’s a close support at the $0.00435 level. Failure to rebound could bring us back to $0.0028. The $0.0019 level is considered the last defence line for the bulls in case of more dips.
Aside from $0.0065, the main resistance level for a breakout is $0.0089. The $0.0112 and $0.015 levels are higher resistances to watch above.
Key Resistance Levels: $0.0089, $0.0112, $0.015
Key Support Levels: $0.00435, $0.0028, $0.0019
- Spot Price: $0.0053
- Trend: Bullish
- Volatility: Low
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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