Dego Finance’s native token, DEGO, pumped over 50% today to give holders a nice holiday surprise. The coin is currently trading around $3.7 with a market capitalization of $77 million. While impressive, this is still far from DEGO’s all-time high of $26 set back in March 2021.
Several recent announcements from the Dego team likely catalyzed this latest price spike:
Earlier this week, Dego announced an exciting new collaboration with B2Chain, the first EVM-compatible rollup backed by zero-knowledge proofs on the Bitcoin network. Together, they aim to expand the BRC20 ecosystem and enable new functionalities. Additional details around this partnership are expected soon.
Additionally, Dego shared that final beta testing of its BRC20 launchpad is nearing completion. This platform aims to incubate promising new Web3 projects by offering services like IDO hosting, liquidity locking, contract auditing and more. An official launch date should be announced in the coming weeks.
Technical Analyst Expects Further Upside
Well-known crypto analyst ChartMonkey also chimed in on DEGO’s price action:
“DEGO has closed above a 532-day range with a big bullish candle. Prices have broken a prior downtrend – a very bullish sign. Time to buy! Take profits at 0.618 FIB.“
What ChartMonkey means is that DEGO has closed above a long-term consolidation range spanning 532 days. More specifically, the daily candle closed decisively above the upper boundary of this extended price range with strong momentum.
This breakout signals a potential trend change from bearish to bullish across that multi-year timeframe. Closing above a key resistance formed by prior lower highs also confirms the emerging uptrend.
According to the analyst, this confluence of technical signals marks an optimal buy point. He recommends taking partial profits around the 0.618 Fibonacci retracement level, which refers to a horizontal price zone expected to attract profit-taking. This would lock in gains before the rally potentially slows.
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Show more +Launched in 2020, Dego Finance aims to be a decentralized ecosystem for launching and operating NFT and DeFi products. The platform enables anyone to launch NFTs and kickstart associated mining, auctions, trading and other lifecycle activities in a cross-chain environment.
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