DEGENUSDT SPOTLong
DEGEN/USDT Technical Analysis
✅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:
The price is currently testing a strong historical support zone around $0.0060, which has previously acted as a demand level.
A potential double bottom formation could be developing, signaling a possible trend reversal.
If the price holds above the white support zone, we might see a bullish bounce towards the next resistance levels.
📈 Bullish Scenario:
A breakout above $0.0075 and a successful retest would confirm bullish momentum.
If the price sustains the higher low structure, it could target $0.0154, then $0.0228 in the mid-term.
🔻 Bearish Risk:
A breakdown below $0.0058 could invalidate this setup, leading to further downside.
Watch for volume confirmation before taking any trade.
⚠️ Trading Strategy:
🔹 Long Entry: After confirmation of a bounce from support.
🔹 Stop Loss: Below $0.0055 to manage risk.
🔹 Take Profit Targets: $0.0154, $0.0228, and $0.0256.
✅ Major Resistance Levels:
First Target: $0.0154
Second Target: $0.0220 - $0.0228
Final Target: $0.0256
📉 Market Structure:
The price is currently testing a strong historical support zone around $0.0060, which has previously acted as a demand level.
A potential double bottom formation could be developing, signaling a possible trend reversal.
If the price holds above the white support zone, we might see a bullish bounce towards the next resistance levels.
📈 Bullish Scenario:
A breakout above $0.0075 and a successful retest would confirm bullish momentum.
If the price sustains the higher low structure, it could target $0.0154, then $0.0228 in the mid-term.
🔻 Bearish Risk:
A breakdown below $0.0058 could invalidate this setup, leading to further downside.
Watch for volume confirmation before taking any trade.
⚠️ Trading Strategy:
🔹 Long Entry: After confirmation of a bounce from support.
🔹 Stop Loss: Below $0.0055 to manage risk.
🔹 Take Profit Targets: $0.0154, $0.0228, and $0.0256.
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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.
"🤖 Smart Trading Bots | 🚀 Advanced Market Analysis & Strategies | Helping You Trade Smarter, Not Harder!"
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.