EigenCloud [EIGEN] extended its recent bullish push after rebounding from the 200-day EMA support near $0.22 three days earlier. Over the past 24 hours, the token gained 10% to trade at $0.248.
Trading Volume also spiked alongside the recovery. The previous time volume recorded spikes of a similar magnitude, EIGEN rallied significantly.
Meanwhile, its Spot Volume Bubble Map indicated heated trading conditions, while Spot Taker CVD pointed to buyer dominance.
Could this combination propel EIGEN toward its previous swing high at $0.286? Buyers had gained ground, but derivatives positioning offered a reason for caution.
Are EIGEN buyers backing the price recovery?
Spot Taker Cumulative Volume Delta [CVD] data indicated that buyers continued to dominate EIGEN’s Spot market. That buying pressure accompanied the token’s upward move, supporting the recovery from EMA support.
On top of that, the Spot Volume Bubble Map showed elevated trading activity. Together, these signals could support another bullish push if buyers maintained their advantage. Heated trading conditions could also bring sharper swings.
Can EIGEN return to $0.286?
If buyers maintained control and EIGEN held above EMA support, the previous swing high at $0.286 could become the next target.
The Liquidation Heatmap also showed an estimated $69.61 million liquidation cluster near that resistance.
A move into this zone could trigger liquidations and amplify volatility, making the approach to $0.286 worth watching.
Even so, fading Funding Rates suggested that derivatives traders had yet to match Spot buyers’ enthusiasm. At the time of writing, the Average Aggregated Funding Rate stood at -0.0079, below the predicted reading of 0.0032.
Negative Funding Rates could leave room for a short squeeze if the rally continued. However, they offered limited confirmation of bullish derivatives positioning.
All in all, rising Trading Volume and renewed buying pressure supported EIGEN’s recovery.
Whether history repeated itself would depend on sustained demand. A loss of $0.22 support or weaker buying activity could undermine the rebound.
Be the first to comment