- Degen Chain's block manufacturing halt for greater than 11 hours raises considerations about its operational stability.
- Regardless of the setback, the DEGEN token has proven resilience in its market efficiency with a 3.69% improve within the final 24 hours.
- Technical indicators equivalent to RSI and MACD point out impartial to bullish sentiment for DEGEN, indicating a possible worth restoration.
Wu Blockchain, a cryptographic information reporter, delivered to gentle that the L3 Degen Chain blockchain stopped block manufacturing for over 11 hours, with the rationale nonetheless not disclosed. Developed by Syndicate and previously supported by a16z, Degen Chain operates on Arbitrum Orbit. Degen Chain's fuel token, DEGEN, serves as Farcaster's most important foreign money.
Regardless of the outages, DEGEN token's market efficiency stays resilient. The present worth of DEGEN is $0.018955 and its 24-hour buying and selling quantity is over $26 million. That's a 3.69% improve within the final 24 hours. On the identical time, it fell by 13.61% within the final seven days.
Moreover, its market cap is $268.77 million, backed by a circulating provide of over 14 billion cash. Traders are watching the scenario carefully as a result of the standing of Degen Chain immediately impacts the dynamics of the DEGEN market.
Evaluation of DEGEN's technical indicators supplies perception into its present market sentiment and potential future developments. The Relative Power Index (RSI) on the 4-hour worth chart is at 51.86, signaling a impartial stance amongst merchants.
Supply: TradingView
Nevertheless, the KST indicator at 8.1201 means that additional investigation is required to find out the trajectory of the inventory's efficiency. Moreover, the Transferring Common Convergence (MACD) indicator alerts a constructive pattern reversal, giving merchants optimism within the face of uncertainty.
Delving deeper into the value motion, DEGEN skilled a risky begin. It witnessed a pointy decline within the early morning and bottomed out round 7:30 am. Nevertheless, the token then staged a exceptional restoration and rose steadily for a number of hours.
Round 9:00 a.m., the tempo of restoration picked up, pushing DEGEN previous its opening worth to peak at $0.019 earlier than 11:00 a.m. The height was adopted by a minor correction, though the value remained properly above each its place to begin and the each day low.
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