#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
![](https://bin.bnbstatic.com/image/admin_mgs_image_upload/20201110/3a8c9fe6-2a76-4ace-aa07-415d994de6f0.png)