WILL EIGEN RETEST $5??
The daily chart shows that the EigenLayer price has been in a steep downward trend, falling in the past four consecutive days. The current phase of the downtrend started when EigenLayer token formed a shooting star on Nov. 10. This is one of the most popular bearish reversal signs in technical analysis.
$EIGEN was trading at $2.315 on Friday, a notable level as it was its lowest level on November 3. It has also dropped below the 15-period moving average.
On the positive side, it has formed a double-bottom pattern, which is a popular bullish reversal sign. If it works out, it means that the coin will rebound and possibly retest the resistance level at $5, which is 115% above the current level.
A drop below the support at $2.31 will invalidate the bullish view and continue its downward trend, potentially to $1.5.
