$DEGO Here’s a detailed analysis of based on the chart pattern and market structure:

Pattern Overview.

Descending Triangle Pattern: is trading near the lower border of this formation.

A bounce from the support line indicates strong bullish momentum building.

If this momentum holds, $DEGO has the potential to break out of the pattern and move towards higher price levels.

Buy Zone.

Entry Range: $2.30 – $2.50

Look for price action confirmation around this zone, especially if there’s a bullish engulfing candle or increased trading volume.

Targets.

1. First Target: $3.23 (Initial resistance and psychological level)

2. Second Target: $3.61 (Key resistance zone, where the price might face selling pressure)

3. Third Target: $4.00 (Major target, aligns with the breakout projection of the triangle)

Stop Loss.

Stop Loss: $2.10

Place this slightly below the lower boundary of the descending triangle.

If the price breaks below this level, the pattern becomes invalid, signaling a bearish move.

Risk Reward Ratio.

This trade offers a high reward-to-risk ratio, making it an attractive opportunity for traders.

Next Steps & Key Points.

1. Monitor Volume: High trading volume during a bounce or breakout confirms the bullish momentum.

2. Wait for Retest: If $DEGO breaks out above $2.50, wait for a retest of this level before entering the trade.

3. Market Sentiment: Keep an eye on the overall crypto market to ensure the sentiment aligns with your trade idea.

Note

This analysis is based on technical factors and current chart patterns.

Always do your own research and manage risk accordingly.

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