$EIGEN /USDT Technical Analysis: Building Momentum
$EIGEN /USDT is trading at 3.891, up 2.58% over the last 24 hours. The pair is showing steady bullish consolidation above its key moving averages, indicating potential for a breakout if critical resistance levels are surpassed.
Key Levels to Watch
Resistance Levels:
1. 3.980 (24h High) – Immediate resistance; a breakout here could lead to increased bullish momentum.
2. 4.148 – Strong mid-term resistance, aligning with previous peaks.
3. 4.250 – Long-term resistance and a significant upward target.
Support Levels:
1. 3.849 (EMA-7) – Immediate support; holding above this level is crucial for sustained bullish movement.
2. 3.759 (EMA-25) – Strong support zone; a dip below this could signal consolidation.
3. 3.534 (24h Low) – Major support; losing this level may lead to further declines.
Trade Setup
Bullish Scenario: If EIGEN breaks above 3.980, potential targets include 4.148 and 4.250. A stop loss at 3.849 is advised to manage downside risk.
Bearish Scenario: If EIGEN drops below 3.849, expect retracement to 3.759 or even 3.534. Place a stop loss above 3.980 for short positions.
⚠️ Note: The current price movement reflects strong EMA alignment, supporting bullish sentiment. However, traders should monitor volume for breakout confirmation.