#ETHPriceSurge The
DEGEN token, which ranks 238th in the overall cryptocurrency ranking, has attracted the attention of traders with 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.
A cryptanalyst under the nickname CryptoBull_360 noted that the technical indicators of the DEGEN chart indicate a potential "bullish" breakthrough of the token.
If DEGEN breaks through the resistance level, then depending on the dynamics of the market, the price of the token may increase by 30-50%.
The current price movement is based on the historical DEGEN model, which is characterized by sharp jumps followed by a pullback, which corresponds to the current recovery trend. However, a successful rally depends on the activity of buyers and a clear break above the resistance level.
DEGEN's market capitalization now stands at $277.14 million. The trading volume over the past day decreased by 40% to $93.34 million. Despite this, open interest increased slightly by 1.03% to $36.75 million, which indicates stable interest among traders.
The ratio of long and short positions remains balanced at 0.9681, indicating parity between bullish and bearish positions.
The MACD technical indicator on the DEGEN chart is located near the signal line, which indicates the absence of an obvious directional trend. The relative Strength Index (RSI) is 46.37, indicating that the token is not overbought or oversold.
