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The Degen price soared 64% in a week and 8% in the last 24 hours to trade at $0.008468 as of 00:25 a.m. EST on trading volume that surged 49% to $46.8 million.
Degen Price Aims For A Continued Bullish Trend Reversal
The Degen price has been on a sustained consolidation in September, trading within the $0.0050 range, according to data from GeckoTerminal . However, the $0.012 resistance allowed the bears to take control of the price, exerting pressure on the price towards a correction.
After the significant price rally and subsequent drop, the price started to round off into what looks like a rounded bottom pattern, which is generally considered a bullish reversal pattern.
The price has started to break upward after forming this rounded bottom, potentially indicating a resumption of the prior bullish trend.
DEGEN now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the sentiment that the price of Degen is still on a bullish trend.
Additionally, the Relative Strength Index (RSI) also suggests that buyers have the upper hand, as the RSI hurtles towards the 70-overbought region, currently at 63.
The MACD line (blue) is above the signal line (orange), with a slight positive divergence. This suggests that bullish momentum is starting to gain strength, and the crossover happened recently, which might explain the price recovery from the dip.
The histogram shows increasing green bars, further confirming that momentum is building toward the upside.
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