- Degen’s value climbed by 40% between 18th and 19th June.
- As profit-taking intensifies, the token’s price was headed back to its all-time low.
As a researcher with extensive experience in cryptocurrency markets, I’ve closely monitored Degen (DEGEN) memecoin’s price movements over the past few days. The token’s value experienced a remarkable 40% increase between 18th and 19th June, fueled by heightened social media buzz and trading activity.
The cryptocurrency meme coin DEGEN (Base) has experienced a noticeable drop in value over the past few days. This downturn comes after a substantial increase of approximately 40% in price between the 18th and 19th of June.
I came across some interesting data on CoinMarketCap the other day. On the 18th of June, DEGEN crypto’s price had hit rock bottom at $0.0074. But just as I was about to write off this coin, something unexpected happened. The meme market saw a surge in activity that day, and DEGEN became a hot topic among traders.
The rally
Based on on-chain analysis, the social buzz surrounding DEGEN reached a peak on the 18th of June. According to Santiment’s data, DEGEN held a social dominance of 17.92% and generated a social volume of approximately 2970 at that time.
One method to express this concept in clear and conversational language is: An asset’s social influence signifies the proportion of mentions it receives in online conversations, particularly those focused on the asset itself, compared to the collective mentions of the top 100 cryptocurrencies by market capitalization.
On the 18th of June, DEGEN-related chatter made up nearly one out of every five crypto discussions happening online, accounting for a significant 17.92%. Additionally, this particular token was referenced a total of 2,970 times throughout the day in those conversations.
As a crypto investor, I’ve noticed a significant change in the market sentiment towards this meme coin. Initially hesitant, traders have started to enthusiastically buy up the coin, fueling a bullish trend. We’re seeing a surge in demand as more and more investors jump on the bandwagon. It feels like a collective excitement taking hold in the community.
Prior to the 18th of June, the coin’s outlook based on community sentiment was negative since the 18th of May. But on that very day, DEGEN saw a significant surge in positive sentiment, reaching a record high of 2.75.
The decline
On June 18-19, DEGEN experienced heightened trading, causing its price to surpass $0.01. Due to numerous holders enjoying profits, selling soon followed. At present, the meme coin is valued at $0.0097, representing a 14% decrease from its previous value.
Based on AMBCrypto’s analysis of the meme coin’s price trends on a day-to-day basis, it appears that the coin could experience a potential decrease in value.
The DEGEN‘s Parabolic Stop and Reverse (SAR) dots hovered above the asset’s price at the time of writing. This placement has been maintained since June 6, including throughout DEGEN’s significant price surge between the 18th and 19th.
As a crypto investor, I closely monitor the Parabolic SAR (Stop and Reverse) indicator of my assets to gauge their trend direction and potential reversals. When the dots sit above the current asset price, this means the market is on a downtrend for me. It suggests that the price has been decreasing and may continue to do so in the near future.
Affirming the robustness of the downturn, DEGEN‘s Aroon Down Line stood at 78.57%. This metric evaluates the power of a financial asset’s decline and pinpoints probable turning points for price reversals.
When the Down Line nears 100%, this signifies a powerful downward trend, implying that the latest low point was attained not long ago.
Read More
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- SAGA PREDICTION. SAGA cryptocurrency
- BLOCX PREDICTION. BLOCX cryptocurrency
- Miners ‘punishing’ Bitcoin? Analysts point fingers as BTC slides below $66K
- Top gainers and losers
- CELL PREDICTION. CELL cryptocurrency
- EUR BRL PREDICTION
2024-06-21 13:11