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DEGENUSD trade ideas

DEGENUSD 12/6/2024DEGENUSD 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.
COINBASE:DEGENUSDLong
by rudcharts
2
Degen $degen #degen In the bigger picture like on HTF as in 1-day charts i think we are still grinding down and dealing with distribution/consolidation after this big move up last week. I think we might even go back down and retest the $0.0143 levels over the next several days or even as much as couple weeks. However, in the more near term like on a 4hr. time frame i think it looks like it might want to flush some shorts and go back up and retest some of these levels marked out up above. This could give great near-term opportunity to make some $ with clear current invalidation levels/SL etc. I think IMO that all of the top coins with community on the Base system will end up really shining at some point by the end of this cycle and if this is one that you are wanting to be in. Then this IMO is also a great place to begin to DCA into a spot long and HOPE for these dips I speak of to load up more. Remember that may not even happen and that we could end up with Eth running NOW/before you know it and this will be the LOW you want.
COINBASE:DEGENUSDLong
by rarebreed29
Degen UpdateThe trade worked out. Up 3x. What's Next? I decided to hold my Trade as it was a spot one. And add into my Original Spot Bag. You can see in the chart my TPs. From now on the market turned bullish. Momentum is on our side and Base Memecoins are all ATH (I hold Keycat, Miggles, Boomer beside Degen) I foresee for now a left translated cycle. Waiting to be proved wrong. I d prefer a long cycle till 2026 of course. From now on most TA wont work. It's easy mode. If we consolidate in this area for long time Degen has the chances to do very well. A break out to new highs is less bullish instead. Waiting patiently.
UNISWAP3BASE:DEGENWETH_C9034C.USDLong
by decryptobean
DEGEN Price Soars on Binance Announcement: What’s Next? Exciting news for DEGEN investors! On Friday, Binance announced the futures listing for $DEGEN, resulting in an impressive 43% price surge. But what does this mean for the future of the token? Let’s dive in. Key Highlights - Binance Futures Listing: Binance, a leading crypto exchange, revealed it would list a DEGENUSDT (USD-Margined) perpetual contract. This allows users to trade the asset with up to 75x leverage, significantly boosting potential gains. - Enhanced Trading Features: Binance will support Multi-Assets Mode for DEGEN, providing traders with more flexibility and improved risk management. A capped funding rate at +2.00% / -2.00% was announced, but changes could occur based on market conditions. - Market Reaction: Following the announcement, DEGEN’s trading volume skyrocketed over 100%. This bullish momentum, combined with investor interest, suggests potential for further gains. DEGEN’s Impressive Rally As of now, $DEGEN has surged 46%, trading at $0.02981. The token’s intraday trading volume reached $411.77 million, marking a 137% increase. This upward trend corresponds with the Binance announcement, indicating strong market confidence. Moreover, the token's futures open interest (OI) rose 43% to $37.58 million, while derivatives volume saw a 153% boost to $125.94 million. This data highlights a growing investor interest in DEGEN. Technical Outlook Currently, $DEGEN is up 10%, trading within a consolidating zone of $0.028. It’s attempting to overcome a bearish reversal to break past previous highs. The RSI is stable at 54, and there’s immediate support at $0.025. A breach below this could trigger a bearish trend. However, with the positive performance of BTC and similar assets, $DEGEN might break past its recent highs. What’s Next? Will DEGEN continue its upward trajectory, or will market corrections slow it down? As always, investors should stay informed and make decisions based on comprehensive analysis. Stay tuned for more updates as the market evolves!
COINBASE:DEGENUSDLong
by DEXWireNews