- Justin Sun deposits $37.3M in EIGEN, signaling confidence in its future.
- EIGEN’s price has risen 11.69%, in the last 24 hours.
As a seasoned crypto investor with a knack for spotting promising opportunities, I find myself drawn to the recent surge of EIGEN. Justin Sun’s strategic deposit of $37.3M into this project is a clear indication that he sees great potential in its future growth.
In recent days, EIGEN has shown significant market movement, with its value increasing by 11.69% within the last 24 hours to reach $5.23. Throughout this timeframe, the cryptocurrency saw a range from a low of $4.69 to a peak of $5.23, indicating some price instability as it moved up and down.
Regardless of the ups and downs, EIGEN’s market value was $1.08 billion at the time of publication, representing a 6.72% rise, which underscores its attractiveness to investors. Interestingly, this cryptocurrency reached its peak price of $5.38 as recently as four days prior on December 12, 2024.
Head and Shoulders signal EIGEN’s potential for sustained growth
According to the price charts, EIGEN displayed a head and shoulders pattern, typically indicating a continued ascent.
Based on the design, it appears that the price of this pattern is close to the $5 threshold. If the cost manages to exceed the resistance point around $5.38, there could be an opportunity for a rise up to $7, which represents a potential increase of approximately 37.13% from its current value.
Furthermore, there was a strong area of resistance near the $4.77 breakpoint, providing a degree of market stability.
EIGEN 4hr chart source: Tradingview
According to the Stochastic Oscillator, EIGEN’s current reading of 70.46 suggests that the stock may have moved too quickly upward, which is often referred to as being in an overbought state. This might mean a short break or correction in its price trend could occur soon.
Even though there were some signs of caution, the Awesome Oscillator’s reading of 0.122 aligned with the existing bullish attitude, suggesting a strong upward trend.
Can EIGEN sustain momentum with rising investor engagement?
By September 2024, an increase in price to about $6 sparked an uptick in both newly created and active accounts, suggesting increased user interaction. But when EIGEN’s price settled around $5 in December 2024, there was a minor dip of over 4.8% in the creation of new accounts.
Following this, there was a 13.92% increase in active addresses, indicating a rise in user engagement among the current community.
Concurrently, the number of accounts with no balance increased by 37.60%, suggesting that numerous users are maintaining their holdings rather than actively trading, probably waiting for more price fluctuations to occur.
The pattern of transactions during the last month indicates a rising curiosity from various market sectors. Notably, there were substantial increases in smaller transactions falling within the $0-$1 and $1-$10 brackets. Specifically, the $1-$10 category experienced a surge of 322.79%.
As an analyst, I’ve observed a significant increase in activity that appears to be fueled by retail traders reacting to EIGEN’s market movements. Notably, we’ve witnessed substantial growth in larger transactions, specifically those falling within the $100-$1k and $1k-$10k ranges. These categories have experienced impressive spikes of 120.25% and 193.63%, respectively.
Remarkably, the group making transactions between $10,000 and $100,000 experienced a surge of 185.47%. This suggests increased confidence among wealthier individuals and major financial institutions.
Conversely, it appears that institutional investors have not yet actively participated in large transactions, as the higher transaction categories exceeding $10M seem dormant or inactive.
This could suggest an increase in investment involvement from both individual (retail) and large-scale (institutional) investors.
Justin Sun’s strategic moves underline confidence
On 10 December 2024, Sun deposited 196,380 EIGEN, worth $964K, into HTX.
This action aligns with a broader plan, as Sun has already stored 9.378 million units of EIGEN, valued at approximately $37.3 million, at an average cost of around $3.979 each, starting from October 1, 2024.
By December 2024, Sun owns a total of 196,380 units of EIGEN, a cryptocurrency that has seen an increase in value. His repeated strategic decisions within the crypto market suggest a pattern, and as he continues to amass more EIGEN, it’s expected to impact future market perceptions.
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2024-12-17 09:12