- The strong demand behind EIGEN’s rally promised further gains.
There is a potential for a short-term price dip in case of a bearish divergence.
As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I find myself quite intrigued by EigenLayer [EIGEN]. The recent surge from $3.71 to $4.13 within two hours is nothing short of impressive, particularly given the current market conditions. However, as always, a healthy dose of caution is in order.
At the moment of reporting, EigenLayer (EIGEN) was hovering slightly below the $4 mark. Not too long ago, it significantly increased from $3.71 to $4.13, which represents a substantial 11.8% growth over a span of two hours.
Starting from its low on Monday at $3.28, the EigenLayer token has surged by approximately 28.58%. As I write this, it’s currently trading at this elevated level. This recent surge has even managed to breach a previous resistance point set at $3.7 that was established just last week.
Extension levels give traders bullish targets
Between October 3rd and October 7th, EIGEN‘s trading range was set between $3.255 and $3.7. On October 6th, there was a dip to $3.1, but the bulls successfully recovered its value back up later that day.
During this week’s upward trend, trading activity has consistently been robust. Additionally, the Money Flow Index indicates considerable buying force. However, it would be prudent to keep an eye out for a possible bearish contradiction.
In simpler terms, the cost sat towards the more expensive side within the Bollinger Bands, which suggest a period of higher market volatility over the last two days. The Bollinger Bands, being quite wide, reflect this instability. Additionally, if there’s a drop in price, the 20-day Simple Moving Average could potentially act as a safety net to prevent further decline.
Beyond $4.04, Fibonacci extension levels provided potential short-term goals for traders. These levels were calculated based on the robust upward surge surpassing the $3.7 resistance level, which served as a guide for plotting them.
Firm bullish belief remains
In the past three days, the Open Interest has trended higher alongside the price of EIGEN.
Realistic or not, here’s EIGEN’s market cap in BTC’s terms
This indicates a robust optimism towards Bitcoin‘s future value in the futures market, as traders are eager to buy (go long), despite Bitcoin facing difficulties in surpassing the $63k barrier.
In the last few days, the trend for Cardiovascular Disease (CVD) has remained stable, but over the past 24 hours, it’s started to move upwards. The significant borrowing activity suggests a large number of long positions are being held.
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2024-10-10 00:07