DEGEN/USDT Technical Analysis

✅Key Support Zone: $0.0058 - $0.0062
✅ Major Resistance Levels:

First Target: $0.0154
Second Target: $0.0220 - $0.0228
Final Target: $0.0256
📉 Market Structure:

The price is currently testing a strong historical support zone around $0.0060, which has previously acted as a demand level.
A potential double bottom formation could be developing, signaling a possible trend reversal.
If the price holds above the white support zone, we might see a bullish bounce towards the next resistance levels.
📈 Bullish Scenario:

A breakout above $0.0075 and a successful retest would confirm bullish momentum.
If the price sustains the higher low structure, it could target $0.0154, then $0.0228 in the mid-term.
🔻 Bearish Risk:

A breakdown below $0.0058 could invalidate this setup, leading to further downside.
Watch for volume confirmation before taking any trade.
⚠️ Trading Strategy:
🔹 Long Entry: After confirmation of a bounce from support.
🔹 Stop Loss: Below $0.0055 to manage risk.
🔹 Take Profit Targets: $0.0154, $0.0228, and $0.0256.