The post Degen crypto soars 172% in 5 days, but THIS could pull prices down appeared on BitcoinEthereumNews.com.

Journalist Posted: November 14, 2024 Degen crypto rallied beyond the psychological level of $0.02. The token was unable to defend this level during the retracement, and could fall another 14%. Degen [DEGEN] was successful in its attempt to break the local resistance zone at $0.012, which had kept the bulls at bay since early October. The Degen crypto rally started at $0.0079 on the 8th of November. In just over four days, DEGEN pumped by 172%, reaching a new local high of $0.0218 as Bitcoin [BTC] made new all-time highs. The $0.02 level has some historical significance, but the bulls were unable to defend this level as support. How deep will DEGEN retrace? Source: DEGEN/USDT on TradingView Degen crypto has been trending higher since the 1st of October, when the local resistance zone at $0.0055 was broken decisively. The bulls encountered some pushback at the $0.0085 region, but eventually reclaimed the zone as a support. The recent rally originated from this region, starting at $0.0079 and going to $0.0218. The RSI was still in overbought territory despite the pullback in recent hours. The RSI being above 70 does not guarantee a retracement by itself. Contextually, the Bitcoin dip from $87k has led to a wave of profit-taking, but DEGEN is likely to run much higher. This is because the OBV has climbed past the high it made in June, when the price was at $0.0153. The market structure was firmly bullish, and the overhead targets next are at $0.0255 and $0.0316 based on the Fibonacci levels plotted for the recent rally. To the south, the $0.015 area is expected to be retested as support. Will DEGEN crypto move to $0.012? Source: Coinglass Is your portfolio green? Check out the DEGEN Profit Calculator At press time, a drop to the liquidity…

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Filed under: News - @ November 14, 2024 5:15 am