📊 $EIGEN
Technical Analysis: EIGEN/USDT (January 2025)
The EIGEN/USDT pair has shown a promising recovery, currently priced at 3.948 USDT (Rs1,101.37), marking an +8.49% increase over the past 24 hours. Let's dive into the technical indicators and price levels that traders should focus on 🎯:
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Key Levels to Watch:
1. Target 1: 4.128 USDT (Resistance Zone)
The 24h high is at 4.128 USDT, acting as a strong resistance level. If the bulls continue to push, this zone may be the next target. A breakout above this price could lead to further bullish movement, possibly targeting higher levels.
2. Target 2: 3.973 USDT (Support Zone)
The price is currently trading near 3.973, a crucial support level. If the market faces a retracement, this area could provide the necessary support for a bounce. If the price holds, the market may continue its upward momentum.
3. Target 3: 3.630 USDT (Critical Support)
The 24h low at 3.630 USDT marks a key support level. A deeper correction could bring the price closer to this level, which would need to hold for the bulls to maintain control. This is an important area to watch for potential reversal signs.
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Indicators to Watch:
EMA & MA: The moving averages indicate a slight downtrend today, with a -2.73% change. However, the longer-term trend shows bullish sentiment over the past 7 days (+14.04%).
Bollinger Bands (BOLL): Price is near the middle of the bands, suggesting consolidation. A breakout or a sharp move in either direction could follow.
MACD: The MACD shows a slight bearish divergence today, but the 7-day trend is still strongly bullish. Watch for any crossover that could indicate a shift in momentum.
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Conclusion:
EIGEN/USDT remains bullish in the medium term with significant support levels in place. Watch for potential breakouts at 4.128 USDT or corrections towards 3.630 USDT. Traders should be alert to price action and volume to gauge market sentiment.