‎EIGENUSD Poised for Bullish Reversal After Prolonged Bearish Trend

‎EIGENUSD Market Analysis- October 14

‎EIGENUSD is showing strong signs of recovery as technical indicators and price structure suggest the market may be gearing up for a bullish reversal.

‎EIGENUSD Key Levels

‎Support Levels: $1.700, $0.730
‎Resistance Levels: $2.270, $3.230

‎EIGENUSD Long-Term Trend: Bearish

‎EIGENLAYER appears to be approaching the end of its prolonged bearish phase, with growing signs of a potential bullish reversal. Following the decline that found strong support around the $0.730 demand level, price action transitioned into a consolidation phase, suggesting a buildup of buying momentum beneath the surface.
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‎Toward the end of September, a bullish candle closed above the consolidation range, signaling the first step toward a potential bullish stance. However, price later experienced a manipulative retracement back to the $0.730 level before gradually resuming its upward trajectory.
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‎The inability of sellers to push price below the consolidation range highlights buyer strength at this critical support. This was further confirmed by a strong bullish rejection, leaving behind a long lower wick. Additionally, the daily Relative Strength Index (RSI) touched the oversold region, indicating exhaustion in bearish momentum and suggesting that the market may soon shift toward bullish activity.

‎EIGENUSD Medium-Term Trend: Bullish

‎On the 4-hour timeframe, the early stages of a bullish reversal are becoming evident as the structure begins to form higher highs and higher lows. Though still in its developmental phase, this structural shift reflects renewed buying pressure as price approaches the $1.700 resistance level.
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‎The 4-hour RSI also shows a clear recovery from oversold conditions, supporting the likelihood of sustained bullish momentum. If buyers maintain control, a breakout above the $1.700 level could confirm the end of the consolidation phase and mark the beginning of a broader bullish trend.
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