Technical Analysis

1. Current Price: $2.566

2. 24h High: $2.628

3. 24h Low: $2.142

Key Indicators:

Bollinger Bands (20, 2):

Upper Band: 2.625

Middle Band: 2.381

Lower Band: 2.138

Interpretation: Price is approaching the upper band, signaling potential resistance around $2.625. If the price moves above this level, it could indicate a strong bullish trend.

Parabolic SAR (0.02, 0.2):

Current SAR: 2.404

Interpretation: The SAR is below the current price, suggesting the uptrend is intact. If the price falls below the SAR level (2.404), it may indicate a trend reversal or pullback.

Volume:

EIGEN Volume: 18.88M

USDT Volume: 44.26M

Interpretation: Trading volume is solid, with active interest in both EIGEN and USDT. Continued high volume could indicate strong momentum in the current price movement.

Order Book:

Bid: 60.32%

Ask: 18.83%

Interpretation: The order book shows strong buying pressure (60.32% bids vs. 18.83% asks), which is bullish for price movement.

Momentum Analysis:

The 15-minute momentum is positive at +15.02%, indicating strong bullish sentiment in the short term.

The 7-day momentum is negative at -1.72%, indicating a slight downtrend in the past week.

However, the 1-day chart reflects a solid upward movement, suggesting a potential short-term continuation.

Trade Signals:

Based on the technical analysis, here are the Trade Signals:

Buy Signal:

Enter a long position if the price breaks above $2.625 (upper Bollinger Band), with confirmation of strong buying volume and momentum.

Use the SAR level at $2.404 as a stop-loss for risk management.

Sell Signal:

Consider selling if the price falls below $2.404 (SAR level) and fails to rebound. This would indicate a potential trend reversal or pullback.

Target Levels 🎯

1. Target 1 (Short-Term): $2.650

A small extension above the current resistance at the upper Bollinger Band ($2.625). This level could be reached if buying momentum remains strong.

2. Target 2 (Mid-Term): $2.800

If the price continues to break higher after surpassing $2.650, the next resistance zone could be around $2.800, where further profit-taking could occur.

3. Target 3 (Long-Term): $3.000

A significant psychological level. If the bullish trend extends, reaching $3.000 would be a natural target after breaking through short-term resistance levels.

Conclusion:

Bullish Scenario: If EIGEN holds above the SAR level of 2.404 and continues to push higher, targeting $2.625 (upper Bollinger Band) and beyond, consider entering long positions with the target levels of $2.650, $2.800, and $3.000.

Bearish Scenario: A break below $2.404 (SAR) could indicate a reversal, suggesting caution and possible short positions.

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