‎EIGENUSD Eyes Potential Bullish Retracement Amid Failed Low Formation

‎EIGENLAYER Market Analysis – May 28

‎EIGENUSD is currently showing signs of a potential bullish retracement, as a failed low formation and rising momentum suggest a possible shift in trend despite its broader bearish outlook.

‎EIGENUSD Key Levels

‎Support Levels: $1.14900, $0.57800
‎Resistance Levels: $1.67600, $2.22900

‎EIGENUSD Long-Term Trend: Bearish

‎EIGENUSD has been entrenched in a sustained bearish trend, marked by a prolonged decline from the $2.22900 supply zone. After breaching the $1.67600 level, price action attempted several bullish recoveries but failed to reclaim the $2.22900 zone, leading to a bearish break of structure and a continuation of the downtrend.
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‎This renewed bearish momentum eventually broke below the key $1.14900 demand level, with price now approaching the $0.57800 target zone. However, recent price action has shown a notable shift: a failed low formation is emerging, suggesting early signs of bullish momentum. Buyers appear to be stepping in, attempting to regain short-term control.
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‎While EIGENUSD has experienced brief bullish retracements in the past, these have often been followed by continued downward pressure. This time, however, the presence of a failed low structure—combined with strengthening momentum on the daily Relative Strength Index (RSI)—suggests the potential for a more meaningful bullish retracement. If buyers can capitalize on this setup, the $1.14900 level may be revisited.

‎EIGENUSD Medium-Term Trend: Bullish

‎On the 4-hour chart, price action reflects a more optimistic outlook. Following the formation of a failed low, EIGENUSD has initiated a shift in market structure, hinting at a bullish reversal. Price has pulled back into a key 4-hour order block, where it is currently consolidating in a range-bound movement.
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‎This accumulation phase suggests that price may be preparing for a bullish breakout, with the $1.14900 level as the immediate target. For this bullish scenario to remain valid, it is essential that the failed low structure holds. A breakdown below this level would invalidate the bullish setup and reestablish bearish dominance.

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