Binance Futures Adds DEGEN Perpetual Contract with Up to 75x Leverage
Launch of DEGENUSDT Perpetual Contract: Binance Futures is set to launch the DEGENUSDT perpetual contract on November 15, 2024, allowing up to 75x leverage for traders, which has already led to a 12% increase in the DEGEN token's market value.
Market Impact and Risks: The introduction of this contract is expected to enhance DEGEN's market visibility and liquidity; however, Binance warns that trading with high leverage carries significant risks, especially in the volatile memecoin sector.
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Technical Analysis for DEGEN
Technical Sentiment Analysis for Degen (DEGEN) As of , Degen (DEGEN) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for DEGEN stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, DEGEN is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Degen (DEGEN) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.000284 | 0.00044 | 0.0006 | 0.000756 | 0.000916 | 0.00107 | 0.00123 |
| Fibonacci | 0.00044 | 0.000561 | 0.000636 | 0.000756 | 0.000877 | 0.000952 | 0.00107 |
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