#DEGEN



DEGEN/USDT Technical Analysis : Potential Reversal on the Horizon



Key Support Zone : $0.0058 - $0.0062


Major Resistance Levels :



First Target : $0.0154

Second Target : $0.0220 - $0.0228
Final Target: $0.0256

Market Structure :
DEGEN/USDT is currently testing a strong historical support zone around $0.0060, which has previously acted as a significant demand level. A potential double bottom formation is developing, indicating a possible trend reversal. If the price holds above this support zone, a bullish bounce towards the next resistance levels is plausible.


Bullish Scenario :
A breakout above $0.0075, followed by a successful retest, would confirm bullish momentum. Sustaining a higher low structure could lead the price to target $0.0154 initially, with mid-term targets at $0.0228.


Bearish Risk :
A breakdown below $0.0058 could invalidate this bullish setup, leading to further downside potential. It's crucial to watch for volume confirmation before entering any trade.


Trading Strategy :



Long Entry : Consider entering after confirmation of a bounce from the support zone.
Stop Loss : Place below $0.0055 to manage risk.
**Take Profit Targets

WIF
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