$EIGEN /USDT Technical Analysis and Trade Signal
Current Price: $3.495
Market Momentum: Bearish, but approaching a critical support level.
Key Levels to Watch
Resistance: $3.85 (24h high)
Support: $3.45 (recent low)
The price is testing the support zone at $3.45-$3.50. If the support holds, we could see a bounce. However, a breakdown could trigger further downside movement.
Indicators
1. RSI: Oversold territory (~30) - potential for a short-term bounce.
2. MACD: Bearish crossover - momentum favors sellers.
3. EMA (20 & 50): Price trading below both EMAs indicates a bearish trend.
Trade Signal
Scenario 1: Long Trade (Bounce from Support)
Entry: $3.50-$3.55
Targets:
🎯 Target 1: $3.75
🎯 Target 2: $3.85
🎯 Target 3: $4.00
Stop Loss: $3.40
Momentum: Watch for RSI recovery and a bullish candle at support for confirmation.
Scenario 2: Short Trade (Breakdown of Support)
Entry: Below $3.45
Targets:
🎯 Target 1: $3.30
🎯 Target 2: $3.20
🎯 Target 3: $3.00
Stop Loss: $3.60
Momentum: Wait for strong volume on the breakdown and MACD confirmation.
Trade Momentum
Short-Term: Bearish, favoring short opportunities unless support at $3.45 holds.
Medium-Term: Neutral to bearish until price reclaims $3.75.
Pro Tip: Use trailing stops to secure profits in this volatile market. Happy trading!