The Degen price skyrocketed 98% in the last 24 hours to trade at $0.009137 as of 3.30 a.m. EST on trading volume that soared 921% to $77.5 million.
The project saw its price skyrocket after announcing huge news about its token, DEGEN, getting listed on Coinbase Spot trading, and becoming the 4th Base token to achieve such a feat.
GM Degens! Huge news—$DEGEN is getting listed on Coinbase Spot trading, becoming the 4th @base token. This journey’s been wild, and we’ve got plenty ahead. Big thanks to the Degen and Base fam for sticking with us. Let’s keep building! https://t.co/m9j1FcTYMs
— Degen 🎩 (@degentokenbase) October 1, 2024
New exposure contributed to its price surge, allowing it to skyrocket despite the fact that the rest of the market is seeing a sharp correction
Bitcoin, Ethereum, and many other large cryptos are trading in the red today as escalating tensions in the Middle East worry investors.
In other words, Degen is trading against the market now, which shows the strength of demand and the token’s overall popularity with traders and investors.
However, it appears that the project has encountered a resistance that it might not be able to breach during this bull run, despite its popularity and the hype surrounding its new listing.
Degen Price Prediction
The DEGEN price climbed from $0.004622 to nearly $0.010, stopping just short of this resistance at $0.09734. Before reaching this height, the token struggled to breach the level at $0.0080, although it finally managed to do it and turn it into a support several hours prior to the time of writing.
The surge to $0.010 caused its Bollinger bands to see a major widening compared to the previous 12 hours, with the price pushing the upper band further and further up. Now, however, the price separated from the upper band and it started moving toward the middle area between the two bands, which is a bearish signal.
The bands still remain wide, and the price dropping to the middle section between the two bands is not an extreme signal, although it does suggest that the bulls are getting weaker. That, combined with the current performance of the rest of the market, suggests that Degen could soon fall in line with other cryptos.
Another indicator suggesting that the bulls are withdrawing is the project’s Relative Strength Index (RSI), which recently reached the overbought zone, venturing up to the value of 80.35. Since then, the RSI dropped back to 65.03, which shows that traders have started selling once they decided that the price has reached the desired height.
From here on, it is possible that a new wave of buyers could move in to buy the dip, which could potentially allow DEGEN to retest the resistance at $0.010, although it is equally possible for the price to fall in line with the rest of the market and start a descent to the support at $0.008.
Promising Alternative To Degen
Despite the current market uncertainty, Degen shows there are still worthwhile opportunities to be found for crypto investors. Another new, innovative project that might fall into the same category is a new ICO called Flockerz (FLOCK).
This is a new meme coin that only launched its presale a couple of weeks ago. The project introduced a unique new mechanism called Vote-To-Earn (V2E).
Like other decentralized projects, Flockerz allows users to vote on important decisions and help choose the path that the project would take as a community.
However, it noticed that in many other projects, users tend to ignore their ability to vote and make decisions, as there is often very little incentive to do so, This is why Flockers created its V2E mechanism, which will reward users for using their voice and helping the project advance.
The Flockerz revolutionary Vote-To-Earn protocol platform puts the POWER in your hands! pic.twitter.com/PIyphuGosH
— Flockerz (@FlockerzToken) September 17, 2024
At its core is the project’s revolutionary DAO, Flocktopia, where every holder has a voice, and earns rewards for participating in decision-making.
Not only that, but the project also offers an eye-popping annual reward of 6,998% for investors who stake their FLOCK tokens.
Since its launch, the project attracted the attention of numerous experts, including crypto YouTuber ClayBro, with more than 130k subscribers, who speculated that it can offer 100x returns for early buyers.
The presale has raced past $347k in funds raised in the last two weeks as investors warm to the V2E project.
FLOCK tokens are currently priced at $0.0056785, and can be bought using ETH, BNB, USDT, or bank cards. Buy before a price increase in less than 2 days for the best deal.
Visit the official FLOCK website here.
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