Ethereum storage platform EigenLayer (EIGEN) appears to be entering bull season with ambition.
Eigenlayer (EIGEN) has managed to grab the attention of investors with its recent bullish moves. The popular altcoin has gained 11 percent in the past 24 hours, reaching $5.23. Despite its volatile price structure, EIGEN’s market cap has increased by 6.72 percent to $1.08 billion.
The head and shoulders formation on the 4-hour EigenLayer chart is eye-catching. This formation is usually an important technical signal that indicates that the current uptrend will continue.
The neckline of the formation appears to be near $5. If the price breaks above $5.38, there could be a potential rally towards the $7 range. However, it would require a 37.13 percent increase from the current price of EIGEN to reach this level.
The support level at $4.77 can be followed. Continuation above this level will increase the demand for $EIGEN . On the other hand, with Ethereum’s sharp rise, the bullish momentum in the symmetry may strengthen. If $ETH updates the peak, a new round in the symmetry may start.
On the other hand, another measure of support and resistance levels in technical analysis, the Stochastic indicator, shows that the EigenLayer is in the overbought zone at 70.46 points. This could indicate that a correction may occur in the short term.
