DEGENUSD 12/6/2024
DEGENUSD Daily Chart Analysis
• Coin Release: DEGENUSD was released on Coinbase in mid-October 2024.
• Pattern Formation: From its release through November 10th, the price formed an Inverse Head and Shoulders pattern.
• Breakout: On November 12th, the price broke through the neckline, rallying over 230% before pulling back.
• Support: The price has since found support at 0.017360, aligning with the 20-day moving average, which is providing additional support.
• Momentum: The MACD is currently below its signal line but remains in bullish territory. The contracting histogram indicates potential for the MACD to cross back above its signal, suggesting a resumption of bullish momentum.
Trade Setup (Long):
• Entry: 0.019207
• Stop Loss: 0.015634 (-18.60%)
• Initial Target: 0.051171 (+166.42%, 8.95 RR ratio)
The bullish chart pattern, combined with the MACD setup and strong support levels, indicates a high-probability trade with significant upside potential.
• Coin Release: DEGENUSD was released on Coinbase in mid-October 2024.
• Pattern Formation: From its release through November 10th, the price formed an Inverse Head and Shoulders pattern.
• Breakout: On November 12th, the price broke through the neckline, rallying over 230% before pulling back.
• Support: The price has since found support at 0.017360, aligning with the 20-day moving average, which is providing additional support.
• Momentum: The MACD is currently below its signal line but remains in bullish territory. The contracting histogram indicates potential for the MACD to cross back above its signal, suggesting a resumption of bullish momentum.
Trade Setup (Long):
• Entry: 0.019207
• Stop Loss: 0.015634 (-18.60%)
• Initial Target: 0.051171 (+166.42%, 8.95 RR ratio)
The bullish chart pattern, combined with the MACD setup and strong support levels, indicates a high-probability trade with significant upside potential.
Trade active
Trade closed: stop reached
Stop Loss: 0.015634 (-18.60%)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.