EigenLayer (EIGEN) with stop loss (SL) and take profit (TP) levels based on resistance:
Trade Setup:
Entry Point: $0.50
Stop Loss (SL): $0.45 (just below the support level)
Take Profit (TP): $0.60 (first resistance level)
Resistance Levels: $0.60, $0.70, $0.80
Explanation:
Entry Point: Enter the trade at $0.50, which is a reasonable entry point based on current market conditions.
Stop Loss (SL): Set the stop loss at $0.45 to minimize potential losses if the trade goes against you.
Take Profit (TP): Aim for a take profit at $0.60, which is the first major resistance level.
Resistance Levels: If the price breaks through $0.60, there are further resistance levels at $0.70 and $0.80, which can be additional targets.
Additional Tips:
Monitor the Market: Keep an eye on market trends and news that might affect EIGEN prices.
Adjust SL/TP: Be flexible and adjust your stop loss and take profit levels based on market movements.