$EIGEN Long Position Analysis
Position: Long
Liquidation Amount: $11,118
Liquidation Price: $1.67804
Entry: $1.65000
Target: $1.80000
Stop Loss: $1.60000
Analysis:
The entry point for $EIGEN at $1.65000 provides a tactical opportunity, allowing for potential gains towards the target of $1.80000. This target represents a resistance level that has previously shown strength.
The stop loss is set at $1.60000 to mitigate risk, maintaining a disciplined strategy in case of adverse market movements.
Risk-Reward Ratio:
Potential Gain: $1.80000 - $1.65000 = $0.15000
Potential Loss: $1.65000 - $1.60000 = $0.05000
Risk-Reward Ratio = Potential Gain / Potential Loss
Risk-Reward Ratio = $0.15000 / $0.05000 = 3:1
This strategy implies that for every dollar risked, there is a potential return of three dollars, establishing a favorable risk-reward profile for $EIGEN .
Ensure to closely monitor market conditions and be prepared for adjustments to the strategy as necessary.
