DEGEN Token (DEGEN) Shows Bullish Signs Despite Declining Trading Volume

Ranked #238 in the crypto market, the DEGEN token has gained attention for its recent price movements. Currently priced at $0.01954

The DEGEN token, ranked #238 in the crypto market, has recently attracted attention due to its price movements. After a 4.82% drop in the last 24 hours, the token is priced at $0.01954 and seems to be hovering near critical support and resistance levels.

Despite a decrease in trading volume, technical indicators suggest a potential bullish breakout if the token maintains its trend above a resistance level.

CryptoBull_360, a crypto analyst, has highlighted DEGEN’s recovery from a strong support zone on lower time frames (LTFs), which might indicate a potential rally. The token has shown strong buying activity in its accumulation zone, which is marked as green on the chart.

If DEGEN manages to break above the identified resistance, it could see a price increase of 30%-50%, depending on the market momentum.

The current price movement builds on DEGEN’s historical pattern of sharp spikes followed by retracements, which aligns with its ongoing recovery trend.

The chart’s lower blue band indicates a key consolidation level, while the green band represents a base for potential upward moves. However, a successful rally is contingent on sustained buyer activity and a clear break above resistance.

Market Metrics and Technical Indicators

DEGEN’s market capitalization currently stands at $277.14 million, and its 24-hour trading volume has decreased by 40%, settling at $93.34 million.

Despite this drop, open interest has risen slightly by 1.03% to $36.75 million, reflecting steady trader participation. The long/short ratio remains balanced at 0.9681, indicating equal competition between bullish and bearish positions.

Technical indicators show neutral momentum, with the MACD hovering near the signal line, signaling no clear directional trend. The RSI reads 46.37, indicating the token is neither overbought nor oversold.

Volatility Signals From Liquidation Data

Liquidation data reveals heightened market volatility, with long positions accounting for the majority of the liquidations. Over the past 24 hours, total liquidations reached $407.41K, with $283.58K from longs and $123.83K from shorts. Most of the liquidations occurred within a four-hour window, highlighting risks for overleveraged trades.

As DEGEN consolidates near key price zones, traders are remaining cautiously optimistic. Sustained buying activity and a breakout above resistance could confirm a bullish trend in the upcoming sessions.

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