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The excitement around Binance’s decision to list Degen (DEGEN) has propelled the meme coin’s price by 50%, reflecting significant trader interest.
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Notably, rising coin holding times suggest that investors are adopting a bullish outlook, opting to hold rather than sell their assets.
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According to COINOTAG, with positive momentum on the Awesome Oscillator, there’s potential for DEGEN to reach $0.37 amidst concerns about decreasing trade volumes.
Binance’s listing of Degen ignites a 50% price surge. As holder confidence grows, DEGEN may see further gains, with technical analysis supporting a bullish outlook.
Binance to List Degen on Its Futures Market
In an anticipated move, Binance announced that Degen (DEGEN) will be available for trading starting at 11:30 UTC today. This marks a significant moment for the coin, as it becomes the first meme coin from the Coinbase layer-2 network, Base, to be listed on the exchange. The ability to trade DEGEN with up to 75x leverage presents a unique opportunity for traders looking to capitalize on price movements.
Market action has already reflected heightened interest, with DEGEN’s price climbing sharply after the announcement. Data from Santiment indicated that the meme coin saw a remarkable 131% price increase in a matter of minutes.
A surge in trading volume underscores greater market participation, boosting the likelihood of price trends persisting. However, lower trading volumes can indicate potential trend reversals. Thus, should DEGEN continue to attract volume, it may pave the way for more upward momentum.
In addition to volume spikes, IntoTheBlock data reveals a significant uptick in the Coin Holding Time for DEGEN. This metric provides crucial insights into investor sentiment, indicating how long coins are held without transaction or sale. A decrease in this holding time typically signals selling pressure; however, the current increase suggests that holders are confident, opting to retain their coins in anticipation of further price appreciation.
DEGEN Price Prediction: Technical Analysis Insights
Analyzing the 4-hour chart for DEGEN reveals positive trends, particularly in the Awesome Oscillator (AO) readings, which have recently turned bullish. The Awesome Oscillator is a key momentum indicator that compares the current market’s price movements against historical data via moving averages. A positive AO suggests that momentum is favorably aligned with upward price movements.
Currently, the AO sits above the zero line, indicating a bullish disposition for DEGEN. If this trend continues, it’s plausible that DEGEN could reach a price point of $0.37. However, market dynamics can shift rapidly; a drop in trading volume could lead to bearish momentum, risking a reversal back down to $0.18.
Conclusion
In summary, the recent listing of DEGEN on Binance has invigorated the market, leading to significant price increases and heightened trading volume. The bullish sentiment reflected in holding times and the positive readings from the Awesome Oscillator suggests a positive outlook for investors. However, attention must be paid to trading volumes moving forward, as a decrease could signal potential price corrections. Overall, DEGEN remains a coin to watch in the volatile crypto landscape.
