The Degen price has plunged by 16% in the last 24 hours to trade at $0.03401 as of 7:05 a.m. EST on a 10% drop in trading volume to $71.2 million.

Degen is also the biggest meme coin loser among the top 100 coins by market cap.

Degen Price Bulls Form A Falling Wedge Pattern: Can The Bulls Regain Momentum?

Even with the price of DEGEN dropping, the formation of the falling wedge pattern signals that the bulls might keep pushing the price up. If the momentum keeps going, the bulls could push the price past the wedge, continuing the upward trend.

DEGENUSDT Analysis By Tradingview

The bulls have successfully maintained the price above the 200-period simple moving average (SMA) on the 4-hour chart, indicating a bullish trend. However, for the anticipated rally to be validated, sustained bullish pressure must propel the price above the 50-period SMA.

While the Relative Strength Index (RSI) has fallen below the midpoint level of 50, indications are suggesting it might bounce back around the 39 mark and rise towards the overbought territory at 70.

Degen Price Signals A Rebound To Another Rally

The Degen price signals a bullish stance, with bulls preparing to rebound for another surge to continue the rally to above the all-time high. Increased momentum could help the bulls catapult the price, surpassing its all-time high and reaching a new high at $0.07218 in the upcoming weeks.

On the flip side, if the bears maintain the downward move, the price could slip below the lower boundary of the triangle at the $0.01913 support zone, which coincides with the 200 SMA.

SPONGEV2:The Best 100X Meme Coin To Buy Now!

As traders await favourable entry points for the Degen price, there’s a lot of buzz around another meme coin called SpongeV2. YouTube channel 99Bitcoins says it could be the next meme coin to 100X on launch.

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SpongeV2 aims to build on the achievements of Sponge V1, which provided early investors with returns of 100X on their investment, while soaring to a peak market cap of $100 million.

Earn Passive Income With P2E and Staking

Sponge V2 offers improved features and better value for token holders. Its staking option, for example, provides holders with an impressive annual percentage yield (APY) of 166% on Ethereum and 358% on the Polygon network. 

The platform also plans to launch a play-to-earn racer game in both paid and free versions. In the paid version, SPONGE will serve as in-game credits, and rewards will also be given out in the meme coin. 

Don’t forget, #SPONGERS! 🧽💦#SpongeV2 is bringing exciting utility through our upcoming #P2E game! 🔥

Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.

Stay tuned for more info! 🚀#MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1

— $SPONGE (@spongeoneth) March 22, 2024

There’s talk swirling around about SpongeV2 being listed on a few top-tier exchanges, a buzz that is adding to the anticipation for its big launch.

If you want to buy SpongeV2, you can easily do so on the project’s official website here using ETH, MATIC, USDT or a bank card.

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• Source: https://insidebitcoins.com/news/degen-price-prediction-degen-is-the-top-meme-coin-loser-with-16-plunge-as-analysts-say-consider-this-2-0-ico-for-explosive-potential