This chart shows the EIGEN/USDT 1-hour timeframe, with the price currently trading at 3.191 USDT, which is up by +10.91%. There has been a recent uptrend following a period of consolidation, as visible on the chart. Hereâs an analysis based on Smart Money Concepts (SMC) and possible next move predictions:
### SMC Analysis:
1. Support and Resistance Zones: The key support level on this chart is around 2.316 USDT, which has been tested multiple times. The resistance level appears near the recent high around 3.2â3.3 USDT.
2. Market Structure: The chart shows a recent shift in market structure, with a strong upward trend breaking out of consolidation. This suggests buyers currently control the market, with strong bullish momentum.
3. Order Blocks: An order block might have formed around the recent consolidation (approximately 2.5 USDT), which could serve as a demand zone if the price retraces.
### Prediction & Setup:
- Next Move (Buy/Long): Since the market has an upward structure, a potential retracement back to the demand zone around 2.8â3.0 USDT could provide a buying opportunity.
- Stop Loss (SL): Place the stop loss below the key support at 2.3 USDT to avoid false breakouts.
- Take Profit (TP): For a long position, target the 3.5â3.6 USDT zone, as it represents a potential resistance and could serve as a take-profit level.
This setup assumes continued bullish momentum; if there is a break below the 2.8 level, it may signal a shift in market structure to bearish.
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