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!
DEGENUSDT
DEGEN Long Trade Setup: Potential for 60% Rally!Long DEGEN/USDT
DEGEN has broken above the resistance trendline and is now trending above the 50 EMA. A potential rally from the current price could lead to a positive move for DEGEN.
Entry: CMP or wait for the retest at $0.00722.
Accumulation: $0.007
Stop Loss: $0.00659
Leverage: 5x
Targets: $0.00853, $0.00935, $0.01010, $0.01088, $0.01178
Be sure to use proper SL and accumulate on any dips. Keep leverage low to avoid liquidation.
Do your own research before investing.
DEGEN NEW POSSIBILITIES IN PRICE ACTIONHi Traders,
I hope you all are doing well and navigating the crypto market with your best strategies.
This update is for DEGENUSDT.
Degen is looking interesting over the next time frames and may show increased volume. That's why we're keeping an eye on this coin.
$0.025 is a key confirmation zone. If the coin breaks this level, there's a high chance it could reach $0.039.
Remember, there are no guarantees in the market. Always follow a consistent system based on your own strategies and analysis.
Good times, everyone.
This update is not trading or financial advice .