Degen Crypto Up 130% in Two Weeks: Are Further Gains to Be Expected
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Analyst
- DEGEN Crypto is currently experiencing a bearish structure and short-term downward momentum.
- The price is projected to rebound from the nearby Fibonacci support level.
Degen [DEGEN] saw a substantial price surge in October. This unofficial token, which originated as a memecoin on the Base network, now boasts a market cap of $124.6 million.
Despite experiencing a 28% decline since reaching its peak on October 14, the token remains up by 128.5% this month.
Technical analysis indicates that further price increases are anticipated. The $0.008 region serves as an important support level in the coming days, and how prices react there will reflect buyer strength.
The retracement phase for DEGEN Crypto is currently in motion
Source: TradingView, DEGEN/USDT
The market trend on the 4-hour chart shifted to bearish on Tuesday, October 15. The previous bullish trajectory may be transitioning into a short-term bearish trend for DEGEN.
The RSI is below neutral at 50, indicating that momentum favors selling. However, this was not corroborated by OBV data.
Although significant selling volume occurred recently—leading to nearly a 25% correction—the volume itself wasn’t exceptionally high.
Key Fibonacci levels were identified for determining crucial support areas. A decrease in selling pressure could allow the 50% retracement level at $0.0796 to provide support and drive prices upward.
Bullish sentiment persists following recent gains
The social volume surrounding DEGEN has slightly declined since October 2nd while weighted sentiment remains mildly positive. These trends suggest bullish expectations within social media channels regarding DEGEN’s future performance.
Aiming for profitability? Check out our DEGEN profit calculator!
An analysis of open interest data from Coinglass indicates an increase alongside rising prices—a positive indicator reflecting confidence in derivatives markets.
However, volatility related to Bitcoin [BTC] during New York Open caused some fluctuations in DEGEN’s OI; nonetheless, recovery prospects appear promising.
Disclaimer:This information should not be considered financial or trading advice but represents solely the author’s opinion.
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