Meme cryptocurrency Degen (DEGEN) experienced a significant decline in price after showing signs of recovery between 19th and 18th of the month.
According to CoinMarketCap data, DEGEN hit a low of $0.0074 on the 18th before partially recovering during the memecoin market rebound.
On the 17.92nd of the month, DEGEN’s social activity reached record levels with Santiment reporting a social dominance of 2,970% and mentions reaching 100. Social dominance indicates the share of cryptocurrency discussions concentrated on specific assets compared to the top X cryptocurrencies.
Starting from the th of the month, bearish sentiment towards DEGEN sharply turned bullish on XNUMX.XNUMX days, with weighted sentiment reaching an-time high.
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This change led to increased trading activity and briefly pushed DEGEN’s price above0.01.
However, profit-taking followed suit, and at the time of writing this article, prices fell 14% to $0.009875.
From a technical indicator perspective, we assume that DEGEN may further decline in the future. Since June XNUMXth, Parabolic Stop and Reverse (SAR) points have remained above DEGEN’s price line indicating a continued downward trend.
Despite recent rebounds, SAR and other indicators highlight current downward pressure on DEGEN and reflect changes in trader sentiment.