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The Degen price soared 14% in the last 24 hours to trade at $0.02786 as of 5:30 a.m. EST on trading volume that dropped 2% to $63.3 million.
The new DEGEN price surge comes as part of a recovery from the losses seen over the past seven days and after the weekend crypto crash in particular.
As for why DEGEN surged, the reason might be a recently announced partnership with Seamless Protocol, in which the two will work towards opening a lend/borrow market.
Excited to be partnered with @SeamlessFi, working towards opening a lend/borrow market soon. In the meantime, they've launched their own grants program, which is worth exploring. https://t.co/A4YEbs0FJo
— Degen 🎩 (@degentokenbase) April 15, 2024
Degen also recently announced that the open-access platform for creating digital art, Highlight, started supporting minting with $DEGEN.
In other words, Degen has seen multiple positive developments in the last several days. With that being the case, it is no surprise that the DEGEN price attempted to recover as soon as the bearish pressure weakened.
Degen Price Prediction
The Degen price seems to be fluctuating between a support at $0.027 and a resistance at $0.030, but the big question right now is whether it can stabilize between these two levels, or will it break out in hours and days to come.
Technical indicators such as Bollinger bands suggest that the DEGEN price still has room to grow, given that the bands are currently wide, which is a bullish sign. However, the token’s Relative Strength Index (RSI) value has recently dropped from the overbought zone toward the neutral area.
Earlier today, Degen’s RSI reached the high point of 72.22, entering the overbought area. This is when traders typically decide to cash out and take profit, which is likely what started pushing DEGEN’s price down.
Eventually, the RSI value dropped to 54.97 — a more neutral area, where it seemingly stabilized for now. The token’s price stabilized as well, at least for the time being, suggesting that the selling pressure may have subsided for the time being.
As for what is next — that depends on the traders. If they rush in to buy the dip, the price could go back up again. However, if they continue to sell, DEGEN could break the support at $0.027 and head further down, potentially to $0.025, or $0.023, where it was about 24 hours ago.
Promising Alternatives to Degen
While Degen itself seems like an auspicious crypto project, there is another that might bring even greater profits to its investors.
The project in question is known as 5th Scape (5SCAPE), and it’s the world’s first AR/VR ecosystem that aims to connect the world’s smartest minds. Its presale has already raised over $5.2 million.
5th Scape intends to act as a gateway to the next big thing of the decade, which is the VR/AR space.
The project believes that in virtual space, there are no limitations. As such, it can go beyond the established boundaries, and allow users to experience a hyper-realistic world that can revolutionize both entertainment and education.
🚀 Our presale has surged past stage 3!
🌐 Join us now and delve into a world of virtual reality with our multi-utility token.
🎉 Don't miss out on being part of our vibrant community! #cryptocrash #cryptocrash #Wormhole #cryptocurrency #5thScape #Presale #4thstage 🌟 pic.twitter.com/QeznEVAvFJ
— 5th Scape (@5th_scape) April 4, 2024
For example, the gaming market revenue in 2024 is projected to reach $455.3 billion, with an annual growth rate of 7.93%, resulting in a projected market volume of $666.7 billion.
In other words, the industry is massive, and it only continues to grow. With a project like 5th Scape entering it and introducing a diverse array of gaming experiences, it could blow up and become one of the largest crypto projects in the industry.
User experiences can involve hyper-realistic, adrenaline-pumping battles, immersive sports, high-speed racing, and more. There are already waitlists on the project’s website to gain access to these experiences, underscoring that there is no lack of demand.
With the token set to list for $0.01, investors who buy now for $0.00327 can lock in gains of almost 206% before launch.
Visit the official 5SCAPE website to buy 5SCAPE here. You can buy 5SCAPE in exchange for ETH, MATIC, BNB, USDT, or just purchase it with a bank card.
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- PRESALE CRYPTO LIST: Top Upcoming Cryptocurrencies to Invest in 2024
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