#EIGEN、OP、ENA大额解锁 Someone asked how EIGEN is doing?
Let’s briefly discuss the fundamentals...
It is currently one of the few cryptocurrencies that 99% of investors are profiting from. Furthermore, a mysterious cryptocurrency mogul purchased $7.25 million worth of EIGEN, prompting the community to consider whether this is just the beginning of its rebound.
Today, EIGEN's performance has dropped about 8.69% from the historical high of 5.06 set two days ago. However, trading volume surged by 41.15%, reaching $290.06 million.
Yet, 99% of holders are still in profit, with only 1% of holders at breakeven. The price of EIGEN earlier fell by 1% to 4.44, before slightly rebounding to 4.60, up 0.71% for the day.
From a technical perspective, EIGEN has been in an upward parallel channel since November 21. This is a bullish sign, but it is not as smooth as it appears.
The 4-hour chart shows that the 20-day moving average (MA20) is currently above the price. This indicates that if there is further decline, there will be no direct support. The key level to watch is 4.02 — falling below this could trigger panic selling.
Meanwhile, the Relative Strength Index (RSI) is at 55.11, indicating that the market is neither oversold nor overbought. It is currently in a wait-and-see phase.
The community sentiment is generally bullish, with 79% of CoinMarketCap voters expecting EIGEN to rise. However, there has been a twist — Tron founder Justin Sun recently sold 322,119 EIGEN, worth $1.44 million. He has also been liquidating other assets, raising some market concerns. Open interest in futures has also slightly declined by 0.2%, indicating that the upward trend may be cooling off.
On the positive side, Binance has shown strong confidence in EIGEN. Earlier this year, Binance added EIGEN to its loanable assets and VIP loans. This is significant for institutional investors.
Overall, there are no issues with the target, but Old Li is not considering holding it; it’s not very outstanding!
$EIGEN