🚀 $EIGEN /USDT Technical Analysis Update! 🚀
$EIGEN has experienced some turbulence, currently trading at $3.582 after a recent drop of -8.62%. Despite this decline, the market shows potential signs of a rebound.
Price Movement Analysis:
$EIGEN hit a 24-hour high of $4.444 and a low of $3.462.
The sharp price drop from the $4.940 peak suggests a test of lower support levels.
Technical Indicators:
The Moving Averages on a daily time frame show a downward trend with the current price below MA(7) at $3.626 and MA(25) at $3.898.
The MACD indicator is trending below the baseline, signaling bearish momentum.
Price Targets to Watch:
1. First Target: $3.80 - EIGEN needs to break past the MA(7) resistance to move higher.
2. Second Target: $4.00 - A significant psychological and technical level.
3. Third Target: $4.20 - Near the recent highs, if the momentum shifts back to bullish.
Trading Strategy: Traders should watch for any bullish reversal patterns near the current levels as an entry point, keeping an eye on the volume for confirmation of trend strength. However, consider setting stop-loss orders below the recent low at $3.462 to manage risk.
Disclaimer: This analysis does not constitute financial advice. Always do your own research.
