1. Analysis

Step 1: Trend Analysis (Daily & Intraday)

Examining EIGEN's chart, a strong recovery is visible from the late June local bottom at $1.01 (June 21), followed by a rapid rebound to $1.22 (June 29) and a subsequent high of $1.19 (July 2). The last week brings increased volatility with daily swings, and a gradual contraction in the range as the price oscillates between $1.06 and $1.19, settling at $1.119 at the latest print.

Over the last 24 hours, EIGEN attempted to sustain gains at the $1.16–$1.17 level but failed, retracing to $1.11–$1.12. The hourly candles show lower highs and lower lows, supporting a short-term downtrend.

---

Step 2: Moving Averages Analysis (MA, EMA)

• 20 EMA (Daily): Estimated around $1.13, now acting as resistance after being broken intraday.
• 50 MA (Daily): Likely lower, around $1.10, providing temporary support.
• Cross Analysis: Price currently sandwiched between these averages; loss of 20 EMA signals short-term bearish momentum, but holding the 50 MA could slow downside.

Intraday (Hourly)

• Hourly 10/20 EMA: Both have curled down, indicating sellers in control short term, and no signs of immediate reversal.

---

Step 3: Volume Analysis

Volume has steadily dropped from the July 2 high ($1.19) to the present, confirming a loss of momentum on the bullish side. Spikes in volume during sell-offs (notably July 6–7 mini-crashes at $1.17 and $1.14) reveal aggressive distribution at those highs, with little buy support at each failed attempt to reclaim $1.16+.

---

Step 4: Support & Resistance Mapping

• Immediate resistance: $1.13 (minor), $1.16–$1.17 (major, multiple rejections)
• Immediate support: $1.11, then $1.10 (round number, confluence with 50 MA), and $1.06 (June 28/30 closing lows)
• Critical support zone: $1.01–$1.03 (June 21 pivot)

---

Step 5: Chart Patterns & Structure

Bearish Features:

• Descending Highs Pattern: Sequence of lower intraday highs since July 2/3, indicating sellers control short term price.
• Failed Breakout: July 2 surge above $1.19 was quickly reversed, showing a bull trap. Each recovery above $1.15–$1.17 bats against strong supplier presence.
• Rising Wedge/Channel Breakdown: Although not perfectly clean, price structure since the June low can be interpreted as a rising channel, broken lower on July 7’s sessions.

Neutral/Bullish Counters:

• No Total Breakdown: EIGEN has not collapsed beneath $1.10 yet; $1.06–$1.10 cluster remains as buyer defense zone.
• Longer-Term Uptrend: From the April debut, EIGEN still holds a higher-lows structure over a multi-month timeframe, but momentum is waning.

---

Step 6: RSI, MACD, & Momentum Oscillators

• RSI (Daily, estimated): Around 45–48, weak and trending lower, not yet oversold, room for more downside.
• MACD (Daily): Bearish crossover likely just appeared in past few candles, strengthening downtrend signals. Histogram shows increasing bearish momentum.
• Stochastics (Hourly): Dipping, no clear reversal yet.

---

Step 7: Fibonacci Retracement

From the July 2 local high ($1.19) to today’s low ($1.11):

• 38.2% retrace: ~$1.14
• 61.8% retrace: ~$1.16 Price has failed at these Fibo levels repeatedly, affirming them as resistance.

---

Step 8: Volatility Measures

Bollinger Bands have narrowed, but price is hugging the lower band on both daily and intraday, suggesting momentum remains to the downside until a volatility expansion appears.

---

Step 9: Orderbook/Flow & Sentiment (Speculative, from volume and price)

Heavy distribution above $1.13 and notable lack of buyer absorption below $1.12 indicate short-term traders are offloading exposure. Sentiment is likely shifting to cautious/defensive and broader crypto risk appetite may be cooling.

---

Step 10: Synthesis & Prediction (24 Hour Outlook)

• Most likely: EIGEN continues to drift lower, retesting support at $1.11 and $1.10. A break below $1.10 could trigger stop cascades to $1.06–$1.07.
• Less likely: Any bounce toward $1.13–$1.15 is expected to be met with persistent selling; only a sustained close above $1.16 would shift the short-term bias back bullish.
• Volatility risk: EIGEN is at risk of sharper moves if $1.10 breaks, potentially driving price rapidly to $1.06 or lower before buyers step in.

Trading Plan

• Bias: Short (Sell)
• Entry: Enter on a bounce/weak retest toward $1.123–$1.127 for best risk/reward. If impatient, current price $1.119 is also acceptable with small slippage risk.
• Target: $1.07 (recent low). If momentum intensifies, partial take-profit at $1.10, full at $1.07.
• Stop-loss: Above $1.135 (recent minor high).

---

In summary: With market structure breaking down, momentum fading, and failed recovery attempts, shorting EIGEN on a weak rally is mathematically optimal. Downside to $1.07–$1.10 is the highest-probability outcome over the next 24 hours, barring an abrupt sentiment reversal. Any sharp rallies should be sold into rather than chased.