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The Degen Crypto price has soared 19% in the last 24 hours to trade at $0.01488 as of 8:40 p.m. EST on a 151% pump in trading volume to $136 million.
The price was previously stuck in a consolidation range between $0.0095 and $0.0105. This range acts as a period of accumulation, where buyers and sellers are relatively in balance.
The breakout from this zone shows a strong parabolic move upward, a shift in market sentiment to the bullish side.
Degen Crypto Price Breaks Out Of Consolidation Zone
The DEGEN/USD 4-hour chart reveals strong bullish momentum after a decisive breakout from a consolidation zone. Accompanied by high trading volumes, this breakout confirms the trend’s strength and establishes the zone as strong support in the event of a broader pullback.
The parabolic curve is a classic sign of accelerating bullish momentum. The parabolic nature of this rally suggests that buyers are increasingly confident, pushing the price higher in a near-vertical trajectory. However, parabolic trends can be fragile, and any breach of the curve could trigger a sharp corrective move.
DEGENUSD Analysis Source: Dextools.io
The price is currently trading at $0.0147, well above the 50-period (blue) and 200-period (green) moving averages, signaling a continuation of the bullish trend. Furthermore, a potential Golden Cross (when the 50-period MA crosses above the 200-period MA) may occur soon, which is historically a bullish signal.
The price has also formed a minor support level near $0.0136, which could serve as a key area for buyers to defend in case of a pullback. However, the Relative Strength Index (RSI) is at 76.20, indicating overbought conditions. While this demonstrates strong buying pressure, it also raises the possibility of a short-term correction or consolidation to alleviate the overbought status.
The Moving Average Convergence Divergence (MACD) is in bullish territory, with the MACD line above the signal line confirming upward momentum. However, the histogram shows signs of slightly decreasing momentum, which could hint at a temporary slowdown.
Degen Crypto Price Potential Scenarios
If the price holds above the minor support at $0.0136, the uptrend is likely to continue. The next targets are $0.0160, $0.0180, and possibly $0.0200. Buyers are expected to defend the minor support level aggressively.
Overbought RSI suggests that a short-term correction or consolidation could occur. In this case, the price might retest the $0.0136 minor support or even drop toward the 50-period MA around $0.0105. Such a pullback would be healthy and could offer better entry points for traders looking to join the bullish move.
Meme Index Presale Closes On $2 Million – Best Crypto To Buy Now?
The bullish momentum of the Degen Crypto price is mirrored in the world’s first decentralized meme coin index, Meme Index (MEMEX), which provides a diversified approach to investing in meme coins.
The project has already generated huge excitement in its presale, which has raised $1.8 million in funding.
Popular crypto analyst ClayBro, with over 135K followers, predicts that MEMEX could achieve 26X growth during the potential 2025 meme coin supercycle.
Meme Index is revolutionizing meme coin investing through its model, which offers four unique investment baskets: Meme Titan, Meme Moonshot, Meme Midcap, and Meme Frenzy.
Each one of them fits different risk appetites, with the Frenzy Index focusing on new and highly volatile meme coins that perfectly cater to the high-risk, high-reward kind. Such a diversified structure allows investors to offset risks while reaping advantages from the highly active market for meme coins.
The $MEMEX token is positioned right at the core of the Meme Index ecosystem as a utility-driven token.
🚨 Meme Index is live in Upcoming Tokens! 🚨@memecoin_index presents the first-ever diversified meme coin platform, powered by $MEMEX, giving unparalleled access to the $120 billion meme coin market.
Meme Index offers exclusive access to indexes that cater to every risk… pic.twitter.com/GsiBBuZOzX
— Best Wallet (@BestWalletHQ) December 27, 2024
MEMEX holders are also entitled to participate in the presale staking pool, which boasts an incredible annual yield of 1,315%.
MEMEX is available for $0.0149234 right now. Interested investors should buy before a price hike in less than 22 hours.
To join the presale, buy MEMEX tokens with USDT, ETH, or a bank card.
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