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DEGEN Token Close to Breakout: 30-50% Price Growth Possible

DEGEN Token Close to Breakout: 30-50% Price Growth Possible

HappyCoinNewsHappyCoinNews2024/11/23 22:44
By:HappyCoinNews

Token DEGEN, ranked 238th in the overall cryptocurrency rankings, has caught the attention of traders with its recent price fluctuations. The asset is currently trading at $0,01954 after falling 4,82% in the last 24 hours and is near critical support and resistance levels.

Cryptoanalyst CryptoBull_360 noted that technical indicators on the DEGEN chart indicate a potential bullish breakout for the token.

DEGEN Token Close to Breakout: 30-50% Price Growth Possible image 0

If DEGEN breaks through the resistance level, then depending on the market dynamics, the token price may increase by 30-50%.

The current price action is based on the historical DEGEN pattern, which is characterized by sharp spikes followed by a pullback, which is in line with the current recovery trend. However, a successful rally depends on buyer activity and a clear breakout above the resistance level.

DEGEN's market cap is currently $277,14 million. Trading volume over the past 40 hours has decreased by 93,34% to $1,03 million. Despite this, open interest has increased slightly by 36,75% to $XNUMX million, indicating stable interest from traders.

The long/short ratio remains balanced at 0,9681, indicating parity between bullish and bearish positions.

DEGEN Token Close to Breakout: 30-50% Price Growth Possible image 1

The MACD technical indicator on the DEGEN chart is near the signal line, indicating the absence of a clear directional trend. The Relative Strength Index (RSI) is 46,37, indicating that the token is not overbought or oversold.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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