DEGEN crypto saw a huge breakout yesterday, printing a 120% candle. While the price is down today, it remains up over 70% at $0.00677. Over the past week, DEGEN has surged 150%, reaching a high of $0.0088. This sudden momentum has reignited interest in the once-popular meme coin, now operating as a Layer 3 solution on the Base chain.
Launched initially as a meme token in the Farcaster community, DEGEN evolved into a broader ecosystem player with support from Coinbase. At its peak, it reached a market cap of $800 million.
But in recent months, DEGEN’s market cap dropped to as low as $50 million, losing much of its early hype. The token has rebounded to a $96 million market cap, making it one of the top memecoin gainers on Base alongside TOSHI.
$DEGEN (request): The chart is likely unfolding as a diagonal pattern, though it's important to note that diagonals are generally less reliable. A breakout above the descending trendline could trigger a move toward the 100% Fibonacci extension level in wave-c, which should unfold… pic.twitter.com/IyT0U7jEKv
— Man of Bitcoin (@Manofbitcoin) May 12, 2025
DEGEN Crypto Price Analysis: DEGEN Eyes Key Breakout Levels
(DEGENUSDT)
Looking at the daily chart for DEGEN, the token has broken out from a long period of consolidation and recently surged past the $0.0057 resistance zone.
This move came with strong momentum, pushing price briefly above the 200-day simple moving average (SMA), currently sitting near $0.0086. However, DEGEN has since pulled back slightly and is trading below this level.
The next major resistance to watch is around $0.0091, a zone that previously acted as support in late 2024 before the steep downtrend. A successful close above this level could open the door for a retest of the $0.0143 region, which is tied to past local highs and psychological resistance.
On the downside, the key support is now $0.0057, which DEGEN broke out from. If bulls fail to hold current levels, a retest of this support could occur.
Below that, the next demand zone is near $0.0026, the base of the recent rally. Despite DEGEN’s strong price movement, its trading volume dipped by 6.6% in the last 24 hours, suggesting some caution among traders.
The current setup suggests bullish momentum is building, but the recent rejection at the 200-day SMA hints that the uptrend may need more consolidation before pushing higher. If DEGEN can reclaim the 200-day moving average and flip it into support, the $0.01 breakout becomes more realistic.
With the Base ecosystem heating up and Coinbase set to join the S&P 500 this month, DEGEN’s renewed price action could be part of a larger revival narrative for the chain. Whether it can break the key $0.01 mark remains to be seen but momentum appears to be building.
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