Eigen Layer (EIGEN) is quickly becoming one of the most intriguing cryptocurrencies on the market. With 99% of its investors currently in profit, it’s clear that EIGEN has captured attention for all the right reasons.
Recently, a mysterious crypto whale made headlines by purchasing $7.25 million worth of EIGEN, sparking speculation about whether this is just the beginning of a major price rally
What makes this more fascinating is that EIGEN’s price has shown noticeable volatility in recent days.
Let’s dive into the latest trends, technical patterns, and community sentiment to understand better.
EIGEN’s Recent Market Movements
EIGEN’s price has been making headlines with its recent ups and downs. The token recently peaked at its all-time high (ATH) of $5.06, just two days ago, but has since fallen 8.69% from that high.
Despite the recent decline, trading volume has surged 41.15%, reaching $290.06 million, indicating strong investor interest.
Current Investor Sentiment
99% of EIGEN holders are still in profit, while only 1% are at breakeven.
Earlier this week, EIGEN dipped 1%, hitting a low of $4.44, before recovering slightly to $4.60, up 0.71% for the day.
While these price fluctuations are common, the whale’s recent purchase suggests that long-term investor confidence remains strong. Could this purchase indicate a bullish shift for the token?
Technical Analysis: What the Charts Are Telling Us
Looking at technical indicators, things are a bit mixed for EIGEN. From a technical standpoint, EIGEN has been moving in an upward parallel channel since November 21—a pattern that typically signals bullish momentum. However, recent price action has shown some hurdles.
After reaching its ATH, EIGEN faced rejection and fell back toward the median level of the upward channel for support.
Key Technical Indicators to Watch:
The 20-day moving average (MA20) is currently above the token’s price, suggesting there is no immediate support if the price drops further.