DEGOUSDT - SHORT BIAS AMID WEAK CRYPTO MARKET CONDITIONSSymbol - DEGOUSDT
CMP - 1.970
DEGOUSDT attempted to break its prevailing trend but encountered significant resistance and was further impacted by a weak cryptocurrency market. The downward movement may persist.
Following the breakout from the descending channel's resistance, a bullish momentum of 45% was established. However, the price faced strong resistance between 2.110 and 2.180, resulting in the formation of a trading range. Sellers are determined to maintain control over this zone and exert pressure. After a prolonged battle for this level, a false breakout of resistance occurred, leading to liquidation when the 2.000 support level was breached. Buyers are now in a state of panic. Should the price remain below the 2.110 - 2.180 range, a further decline in the short to medium term is likely.
Resistance Levels: 2.000, 2.180, 2.274
Support Levels: 1.750, 1.584, 1.359
The overall market remains weak, with altcoins reacting strongly to Bitcoin's short-term fluctuations. This behavior suggests that the market is accumulating liquidity in anticipation of a further decline. Bitcoin has yet to reach its key target, and the absence of a bullish catalyst continue to place downward pressure on altcoins.
