$DEGO /USDT 4H Chart Analysis
DEGO/USDT has seen a dramatic move on the 4-hour chart, currently trading at 1.254 USDT, down 5.07% in the last candle. Let’s break it down:
🔴 Price Action: The chart shows a massive bearish candle on June 5th, dropping the price from around 2.600 USDT to 1.254 USDT a steep 52.36% decline in a short period.
This indicates strong selling pressure, possibly triggered by a market event or panic selling. The price has since stabilized around the 1.250 USDT level, but the momentum remains bearish.
📉 Volume: The volume spiked significantly during the drop, with 48.19M USDT traded in the last 24 hours. This high volume confirms the intensity of the sell-off, though it has tapered off slightly post-drop, suggesting a potential pause in selling pressure.
📅 Historical Performance: Looking at the performance metrics:
7 Days: Down 30.0%
30 Days: Down 20.8%
90 Days: Down 63.0%
180 Days: Down 48.31%
The consistent downward trend over multiple timeframes indicates a broader bearish sentiment for DEGO.
🔧 Technical Indicators:
The price is well below its 24-hour high of 2.689 USDT and even below the 24-hour low of 1.232 USDT before this drop. This suggests a potential new support zone around 1.200-1.250 USDT.
The volume SMA (Simple Moving Average) shows a sharp increase, aligning with the price drop, which often signals a capitulation event.
📈 What’s Next?:
Support: The current level around 1.250 USDT may act as short-term support. If this breaks, the next psychological level could be 1.000 USDT.
Resistance: Any recovery would face resistance around 1.500 USDT, with a stronger barrier near 2.000 USDT where the price consolidated before the drop.
Sentiment: The sharp decline and high volume suggest caution. Watch for signs of accumulation or a reversal pattern (e.g., a bullish divergence on RSI, not visible here) before considering a long position.
