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Degen Price Aims For A Continued Bullish Trend Reversal
The Degen price has been on a sustained consolidation in September, trading within the $0.0050 range, according to data from GeckoTerminal. However, the $0.012 resistance allowed the bears to take control of the price, exerting pressure on the price towards a correction.
After the significant price rally and subsequent drop, the price started to round off into what looks like a rounded bottom pattern, which is generally considered a bullish reversal pattern.
The price has started to break upward after forming this rounded bottom, potentially indicating a resumption of the prior bullish trend.
DEGEN now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the sentiment that the price of Degen is still on a bullish trend.
Additionally, the Relative Strength Index (RSI) also suggests that buyers have the upper hand, as the RSI hurtles towards the 70-overbought region, currently at 63. 2 replies
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