EIGEN is currently showing a bullish falling wedge pattern near a strong horizontal demand zone, indicating a potential reversal move.
Technical Breakdown:
Entry Zone: $1.17 – $1.18 (current market price)
Stop-Loss: Below $1.14 (last wick low/invalidation of wedge)
Target Price: $1.74, $2.51 (+118%) from CMP
Resistance 1 (Minor): $1.33
Resistance 2 (Major Target): $1.74
Support Levels:
• $1.17 (Immediate support)
• $0.749 (Major demand zone if breakdown)
Target & Risk-Reward
Target Price: $1.74, $2.51 (+118%) from CMP
Stop-Loss: $1.14
Risk per token: ~$0.03
Potential Profit per token: ~$0.56
Risk:Reward Ratio: ~1:6.5
Potential Gain: +118% from entry
Indicators:
Falling wedge breakout looks imminent
RSI (14) at 39.5 — recovering from oversold zone
Demand zone previously triggered rallies — the probability of a bounce is high
Strategy:
Wait for a 4H candle close above the wedge trendline + volume confirmation to validate the breakout. Scaling in near support with a tight stop-loss can offer a strong risk-reward play.
Not Financial Advice – This is a technical view for educational purposes. Always DYOR & manage risk accordingly.
Like & follow if you found this useful!
#EIGEN #Altcoins #Breakout
Technical Breakdown:
Entry Zone: $1.17 – $1.18 (current market price)
Stop-Loss: Below $1.14 (last wick low/invalidation of wedge)
Target Price: $1.74, $2.51 (+118%) from CMP
Resistance 1 (Minor): $1.33
Resistance 2 (Major Target): $1.74
Support Levels:
• $1.17 (Immediate support)
• $0.749 (Major demand zone if breakdown)
Target & Risk-Reward
Target Price: $1.74, $2.51 (+118%) from CMP
Stop-Loss: $1.14
Risk per token: ~$0.03
Potential Profit per token: ~$0.56
Risk:Reward Ratio: ~1:6.5
Potential Gain: +118% from entry
Indicators:
Falling wedge breakout looks imminent
RSI (14) at 39.5 — recovering from oversold zone
Demand zone previously triggered rallies — the probability of a bounce is high
Strategy:
Wait for a 4H candle close above the wedge trendline + volume confirmation to validate the breakout. Scaling in near support with a tight stop-loss can offer a strong risk-reward play.
Not Financial Advice – This is a technical view for educational purposes. Always DYOR & manage risk accordingly.
Like & follow if you found this useful!
#EIGEN #Altcoins #Breakout
Trade active
Pumped 8-10% from entry, currently retesting the breakout line, next leg up soon in no time !!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.