Memecoins have been gaining strength ever since the Bitcoin price surged above $100K and sustained above the range. Tokens like Pepe, dogwifhat, FLOKI, or Brett have also soared with a double-digit margin. Meanwhile, one of the memecoins, Degen, quietly attracted massive volume and triggered an over 120% jump and reached one of the important resistance levels. Hence, the DEGEN price is expected to maintain a healthy ascending trend as the bulls appear to be poised for a massive breakout.
The Farcaster-born memecoin has been surging by over 55% in the past 24 hours to reach local highs at $0.0086. In the era of copy-paste memecoins, DEGEN stands out not just for its name but for its purpose. Farcaster is one of the most active social protocols, which rides on Base’s blazing-fast rails. Degen, which has become more than a token for the protocol, is facing some upward pressure after a huge surge. However, it can be considered a catapult action as a 200% upswing is on the horizon.
The DEGEN price is following a particular pattern of forming a consistent ascending and descending trend. In a wider perspective, the price is about to form a huge double-bottom pattern as it advances towards the neckline. Besides, the price has reached a similar trend between the 50- and 200-day MAs, which reflects the pattern formed in October 2024. A breakout from the 200-day MA resulted in a 400% rise, and the current bearish pressure is at the same levels, validating the bullish claim.
Therefore, the DEGEN price is expected to initiate a fresh bullish action once the memecoin successfully breaches and sustains above the range. Once done, a 200% rise may push the price to $0.025 and after small consolidation, the token may rise into the discovery phase to mark a new ATH.
