Pattern: Bullish Hammer Reversal (Demand Zone Reaction)
The chart shows EIGEN forming a Bullish Hammer pattern right above its last demand zone, indicating that buyers are defending this critical support level. This setup suggests a potential short-term reversal and a shift in momentum from bearish to bullish.
Key Observations
🔹 Demand Zone: $0.70 – $0.75 — acting as the last major accumulation area where buying pressure is visible.
🔹 Supply Zone: $1.10 – $1.20 — serves as the next key resistance where sellers may step in.
🔹 Bullish Hammer Pattern: Signals possible end of the downtrend and early signs of recovery momentum.
🔹 Bull Bear Power (BBP): Currently improving from deep negative territory (−0.30), showing decreasing bearish pressure and gradual bullish momentum build-up.
🔹 Structure: Price is attempting a rebound from a long-term support base, potentially setting up for a trend reversal if confirmed by higher highs in the coming sessions.
Potential Move
If EIGEN sustains above $0.75, the next upside targets could be:
🎯 Target 1: $0.92 — short-term resistance.
🎯 Target 2: $1 — The Physicologycal Number.
A breakdown below $0.70, however, could invalidate the setup and open room for further downside.
Summary:
EIGEN is showing a bullish hammer reversal at a critical demand zone, with improving BBP momentum suggesting that sellers are losing control. A sustained hold above $0.75 may trigger a recovery rally toward the $0.92–$1.15 range.
#coinpediamarkets #EIGEN #CryptoAnalysis #EIGENUSDT #TechnicalAnalysis #CryptoTraders #DemandZone #SupplyZone
The chart shows EIGEN forming a Bullish Hammer pattern right above its last demand zone, indicating that buyers are defending this critical support level. This setup suggests a potential short-term reversal and a shift in momentum from bearish to bullish.
Key Observations
🔹 Demand Zone: $0.70 – $0.75 — acting as the last major accumulation area where buying pressure is visible.
🔹 Supply Zone: $1.10 – $1.20 — serves as the next key resistance where sellers may step in.
🔹 Bullish Hammer Pattern: Signals possible end of the downtrend and early signs of recovery momentum.
🔹 Bull Bear Power (BBP): Currently improving from deep negative territory (−0.30), showing decreasing bearish pressure and gradual bullish momentum build-up.
🔹 Structure: Price is attempting a rebound from a long-term support base, potentially setting up for a trend reversal if confirmed by higher highs in the coming sessions.
Potential Move
If EIGEN sustains above $0.75, the next upside targets could be:
🎯 Target 1: $0.92 — short-term resistance.
🎯 Target 2: $1 — The Physicologycal Number.
A breakdown below $0.70, however, could invalidate the setup and open room for further downside.
Summary:
EIGEN is showing a bullish hammer reversal at a critical demand zone, with improving BBP momentum suggesting that sellers are losing control. A sustained hold above $0.75 may trigger a recovery rally toward the $0.92–$1.15 range.
#coinpediamarkets #EIGEN #CryptoAnalysis #EIGENUSDT #TechnicalAnalysis #CryptoTraders #DemandZone #SupplyZone
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.
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.