Dégén's projected value: Is critical support at $0.00395 likely to instigate a 255% increase?
DEGEN, the cryptocurrency, is currently showing signs of a potential breakout after a 9.83% surge in price. This move is reminiscent of a structure that previously sparked a 300% rally, indicating a high-probability setup for traders.
The current correction has brought DEGEN's price to a critical confluence zone around $0.00395, a level that also mirrors a previous fractal pattern. If the bulls can hold this zone, it could lead to another powerful breakout, according to technical analysis.
This key level is significant due to its overlap with the Point of Control, the 0.618 Fibonacci retracement, and a major daily support level. A confirmed higher low at this confluence could serve as a potential launchpad for a rally towards the next resistance zone at $0.014, representing a potential gain of over 255%.
However, a breakdown below $0.00395 would indicate a different outcome, potentially sending DEGEN towards lower territory. The next 24-48 hours are crucial for determining the trend, as a bullish reaction at this confluence could replicate the pattern of the past rally.
In terms of the broader market, DEGEN's technical confluence and fractal setup suggest it is well-positioned for a breakout, but only if the $0.00395 level remains intact.
Enrichment Data:- In the past 90 days, DEGEN has experienced a surge of more than 440%, with a 70% increase in the last 24 hours. This surge is attributed to increased trading volume and a breakout from a descending triangle pattern.- The Moving Average Convergence Divergence (MACD) has turned positive, and the 12-day Exponential Moving Average (EMA) has crossed above the 26-day EMA, indicating bullish signals. However, some technical indicators suggest short-term overbought conditions.- Support is currently at around $0.005, while resistance is near $0.01, a crucial psychological barrier.- The sentiment towards DEGEN is overwhelmingly positive, with strong community support and a growing user base. This grassroots momentum, coupled with increased exchange listings, fuels speculative interest.
- The surge of over 440% in DEGEN's price over the past 90 days, followed by a 70% increase in the last 24 hours, suggests strong investor interest in the crypto's token on exchanges.
- The current hold on the critical confluence zone around $0.00395 by DEGEN investors and traders, coupled with the 0.618 Fibonacci retracement and the Point of Control, indicate a potential launchpad for another powerful breakout.
- A confirmed higher low at the confluence could lead to a rally towards the next resistance zone at $0.014, potentially resulting in a gain of over 255% for DeFi Exchange (DEX) on the Tron network.
- Conversely, a breakdown below the critical $0.00395 support level could potentially send DEGEN towards lower territory, requiring careful watch and strategic investing considering the ongoing trends in the broader crypto finance market.
