$DEGO pair has recently shown a massive bullish recovery after a long period of downward and sideways movement. The price found a strong bottom around the $0.2477 level, which acted as a solid support zone.
Key Technical Points
Support & Resistance: The support at $0.2477 proved to be the "floor" for the price. Currently, the price is testing a mid-range resistance area near $0.40 - $0.42.
Trend Line: On the chart, we can observe a descending trend line that has been broken. This breakout, followed by a massive green candle, indicates strong buyer interest and a potential shift in market sentiment from bearish to bullish.
Price Action: The price jumped significantly (+50.23% as per the screenshot), showing high volatility and volume. This suggests that the "accumulation phase" is over and the "markup phase" has begun.
Trading Strategy
Buy Zone: Ideally, a small "retest" or pullback toward the $0.35 area could be a safe entry point. However, the current momentum shows strong "BUY" signals for aggressive traders.
Target: If the price sustains above $0.40, the next major resistance targets are $0.47 and $0.56.
Stop Loss: To manage risk, a stop loss should be placed below the recent swing low, around $0.28.
Key Technical Points
Support & Resistance: The support at $0.2477 proved to be the "floor" for the price. Currently, the price is testing a mid-range resistance area near $0.40 - $0.42.
Trend Line: On the chart, we can observe a descending trend line that has been broken. This breakout, followed by a massive green candle, indicates strong buyer interest and a potential shift in market sentiment from bearish to bullish.
Price Action: The price jumped significantly (+50.23% as per the screenshot), showing high volatility and volume. This suggests that the "accumulation phase" is over and the "markup phase" has begun.
Trading Strategy
Buy Zone: Ideally, a small "retest" or pullback toward the $0.35 area could be a safe entry point. However, the current momentum shows strong "BUY" signals for aggressive traders.
Target: If the price sustains above $0.40, the next major resistance targets are $0.47 and $0.56.
Stop Loss: To manage risk, a stop loss should be placed below the recent swing low, around $0.28.