- The support levels are identified as 1.85 and 1.78, and traders observe the levels to confirm after breakout structural strength.
- Bullish continuation targets will be estimated to be at 2.15 and 2.35 which will coincide with the previous supply areas as well as the move measured target.
- Bullish continuation targets are projected at $2.15 and $2.35, aligning with prior supply zones and the measured move objective.
$EIGEN has broken out of a falling wedge pattern after weeks of consolidation, marking a bullish reversal signal supported by rising trading volume.
Falling Wedge Breakout and Volume Confirmation
A tweet by analyst razvan.eth noted that $EIGEN completed a falling wedge breakout, often viewed as a reversal formation. The chart shows that price action compressed within downward-sloping trendlines before breaking higher with strong participation. Volume expanded during the breakout, suggesting buyers had sufficient momentum to overcome the consolidation phase and confirm the move.
The wedge breakout allowed $EIGEN to rally past the $2.00 mark before encountering resistance. The growth was accompanied by a bullish change in the momentum indicators, with both the RSI and MACD reversing to the uphill direction. This kind of technical validation makes the argument of buyers having the upper hand in the short run stronger.
The development represents a change from earlier price action dominated by consistent lower highs. A breakout supported by volume and oscillators turning positive places the market in a more constructive technical phase. Market participants are closely monitoring the breakout level for sustained structure.
Key Levels in Focus After Breakout
According to the analysis, $EIGEN may retest the breakout zone near $1.85. This level is crucial for validating the bullish structure and confirming market strength. If sustained, it can serve as a foundation for further upward continuation.
In case of retracement, support rests lower near $1.78. This level is considered a safety net where buyers may attempt to re-establish positioning if pressure builds. Holding above either level maintains the broader breakout narrative intact.
Meanwhile, the consolidation above $2.00 reflects healthy cooling after an aggressive push higher. Sharp breakouts are often followed by pullbacks, and maintaining higher support zones strengthens market sentiment. Traders remain attentive to these areas for confirmation of the trend.
Continuation Targets and Momentum Outlook
The measured move projection from the falling wedge suggests potential continuation toward $2.15 and $2.35. These price levels align with previous supply zones where market activity was concentrated in earlier trading sessions. Reaching these points would confirm follow-through strength after the breakout.
Momentum indicators remain in favor of the bullish outlook. The RSI is positioned in an upward trajectory, while the MACD crossover has shifted into positive territory. Both conditions indicate that momentum supports continued price advancement.
Analyst commentary emphasizes monitoring near-term retests before sustained upside plays out. As long as $EIGEN trades above the wedge breakout level, the bullish framework remains intact. Traders now focus on whether the asset can extend toward projected continuation targets.
