The $EIGEN /USDT chart on the 4H timeframe is showing significant bullish momentum with the price currently at $5.568. The recent breakout above the resistance near $5.50 suggests buyers are gaining control, and further upside movement could be possible.
Long Position Setup:
Entry Point: A long entry can be considered above $5.60 for confirmation of continued momentum.
Stop Loss: Place a stop loss at $5.40 to manage downside risk.
Target 1: Initial target at $5.80.
Target 2: If momentum sustains, the next target can be around $6.00, a psychological level.
Short Position Setup:
Entry Point: A short entry can be considered if the price fails to hold above $5.50 and starts reversing.
Stop Loss: Place a stop loss at $5.65 to limit potential losses.
Target 1: First target near $5.20 (previous support).
Target 2: Deeper target at $5.00, aligning with previous lows.
Market Sentiment:
Bullish Indicators: The 4H candle has closed strongly near its highs, suggesting upward strength. If the price stays above $5.50, it could trigger further long positions.
Bearish Risk: A rejection near resistance could push prices back to previous support at $5.00.
Traders are advised to watch price action carefully around $5.60 and $5.50 for confirmation. Manage risk with proper stop-loss placement to protect against volatility.
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