Trading at $1.26 on Binance, down a concerning 51.97% today, with a 24-hour trading range between $2.689 and $1.232! The daily chart shows a recent decline of 4.87% from its mid-May peak near $2.70, supported by a trading volume of 47.94 million USDT and 33.69 million DEGO.
The simple moving average of trading volume at 4.828 million indicates notable activity, reflecting increasing market interest amid this sharp decline.
Watch for an important support level at $1.20!
The candlestick pattern on the four-hour chart shows a dramatic red candle dominating the session, indicating a sharp sell-off after failing to hold above the $1.50 level earlier today.
Key support is forming at the $1.20 level, aligning with the lowest point recorded in 24 hours, while resistance is now evident at the $1.40 level - a level that was breached during the decline.
The 50-day exponential moving average was breached downward at $1.85, indicating a shift in bearish momentum, while the 200-day exponential moving average at $1.65 suggests a threat to long-term bullish momentum. The Relative Strength Index (RSI) on the hourly chart has dropped to 22, entering the oversold territory (below 30), indicating a potential short-term rebound should buying pressure emerge. The MACD shows a strong bearish crossover, reflecting intensified selling pressure.
The Bollinger Bands have significantly widened, with DEGO trading near the lower band at $1.25, indicating high volatility and a potential oversold condition.
A decline in DEGO's price below $1.20 could drive it towards $1.00, while recovery above $1.40 may target a price of $1.50, although this seems unlikely without a catalyst. 📈
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