Let's dive into the $EIGEN /USDT trading pair, analyzing the recent price movements and identifying key trading strategies based on the current chart.

Current Price: $3.400

Technical Analysis Overview: EIGEN has shown some resilience with its current price stabilizing at $3.400. Observing the chart, there’s a crucial support line forming near the $3.350 mark, which has been tested several times throughout the trading session. On the resistance side, $3.500 stands out as a significant hurdle that EIGEN has struggled to surpass in recent attempts.

Trading Strategy:

Long Trade: Consider entering a long position if EIGEN breaks above the resistance at $3.500. Aim for initial targets around $3.550 and $3.600, which could serve as the next resistance levels. Place a stop loss just below the recent support at $3.350 to safeguard your trade against any sudden downtrends.

Short Trade: Should EIGEN fail to maintain its support at $3.350 and starts to dip lower, a short position could be advantageous. Target the $3.300 level as your first exit point. Set a stop loss slightly above the $3.400 mark to limit potential losses if the price rebounds unexpectedly.

This strategy allows traders to navigate EIGEN's price movements by capitalizing on confirmed breakouts and safeguarding investments with tightly set stop losses. Whether you're aiming to go long or short, these levels provide clear points for entry, exit, and risk management, essential for effective trading decisions in the volatile crypto market.

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