DegenLong
DEGENUSD 12/6/2024
Updated
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%)
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