DEGEN crypto saw a huge breakout yesterday, printing a 120% candle

DEGEN, the Layer 3 chain token, saw a 120% candle yesterday.

DEGEN crypto saw huge gains yesterday, printing a 120% candle as it continues to move.

DEGEN is down today but 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 brought renewed interest in the once-popular meme coin, now operating as a Layer 3 solution on the Base chain.

DEGEN: A Meme Token That Evolved

Initially launched as a meme token in the Farcaster community, DEGEN later evolved into a broader ecosystem player with support from Coinbase.

At its peak, DEGEN's market cap reached $800 million. However, in recent months, DEGEN's market cap dropped to as low as $50 million, losing much of its early hype.

But the token has since rebounded to a $96 million market cap, making it one of the top memecoin gainers on Base alongside TOSHI.

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$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 $0.086. 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 $0.143 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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Key TakeawaysDEGEN broke out of a long-term consolidation zone at $0.0057, surging more than 120% in one candle.The token briefly traded above the 200-day SMA, but it's currently pulling back slightly.DEGEN's price action could be part of a broader narrative as the Base ecosystem heats up.

Fatima is a rising crypto journalist with a sharp eye for hidden gems and technical analysis. When she's not charting the next big breakout or diving into onchain data, a firm believer that alpha is where you least expect it, follow her journey as she navigates the fast-paced world of digital assets.

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