$EIGEN / USDT – Bouncing Back After a Sharp Decline? 📈

$EIGEN is currently trading at $0.915, showing a slight positive movement of +0.22% after a significant drop of -5.96% today. The 4-hour chart reveals a sharp downward move followed by what appears to be an initial bounce off the $0.912 (24-hour low). This could signal a potential recovery attempt.

🧐 Potential Scenarios:

Bullish Reversal:

* Potential Entry: Look for potential long entries on confirmation of a bullish reversal, such as a break above a short-term resistance level (e.g., around $0.925) with increasing volume and bullish candlestick patterns.

* Initial Take Profit (TP): Target the previous swing high around $0.950.

* Further Take Profit (TP2): Aim for higher targets if the bullish momentum strengthens, potentially towards the $0.996 (24-hour high).

* Stop Loss (SL): Place your stop loss below the $0.912 low, perhaps around $0.905, to protect against further downside.

Consolidation Before Further Decline:

* Potential Entry: If price action remains range-bound between $0.912 and a short-term resistance (e.g., $0.930), be cautious of potential fakeouts. Look for a clear break in either direction.

* Short Entry: Consider a short entry if the bounce is weak and price fails to break above resistance, showing bearish continuation signals. Target lower levels.

* Stop Loss (SL): Place stop losses appropriately based on your entry.

Bearish Continuation:

* Potential Entry: Consider a short entry if $EIGEN fails to hold the $0.912 level and breaks down further with increasing selling volume.

* Initial Take Profit (TP): Target lower support levels if bearish momentum strengthens.

* Stop Loss (SL): Place your stop loss just above the $0.920 level to protect against a false breakdown.

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