Technical analysis by rudcharts about Symbol DEGEN: Buy recommendation (12/6/2024)

DEGENUSD Daily Chart Analysis •Coin Release: DEGENUSD was released on Coinbase in mid-October 2024. •Pattern Formation: From its release through November 10th, the price formed an Inverse Head and Shoulders pattern. •Breakout: On November 12th, the price broke through the neckline, rallying over 230% before pulling back. •Support: The price has since found support at 0.017360, aligning with the 20-day moving average, which is providing additional support. •Momentum: The MACD is currently below its signal line but remains in bullish territory. The contracting histogram indicates potential for the MACD to cross back above its signal, suggesting a resumption of bullish momentum. Trade Setup (Long): •Entry: 0.019207 •Stop Loss: 0.015634 (-18.60%) •Initial Target: 0.051171 (+166.42%, 8.95 RR ratio) The bullish chart pattern, combined with the MACD setup and strong support levels, indicates a high-probability trade with significant upside potential.Stop Loss: 0.015634 (-18.60%)