$EIGEN is exhibiting a slight decline of -1.169% over the past 24 hours, with prices oscillating between a high of 1.497 and a low of 1.266. The current trend remains bearish, as indicated by the proximity of its price to the lower Bollinger Band (1.255), suggesting potential further downside risk. With notable support at 1.266 and resistance at 1.497, traders should prepare for volatility within these levels. Macroeconomic factors, particularly inflationary concerns and unclear regulatory frameworks, may spur further bearish sentiment. Although Bitcoin's influence is currently undefined, a potential correlation could shift swiftly based on market news. A short-term trading strategy appears prudent, leveraging volatility while remaining cautious of overarching market pressures. Key takeaway: EIGEN's near-term trajectory is heavily influenced by broader economic trends and market sentiment, emphasizing the importance of adaptive trading strategies.
