genlayer (EIGEN) has seen a significant uptick following its listing on Binance, sparking renewed interest in the token. After the announcement, other major exchanges like KuCoin and Bitget also began offering EIGEN, further boosting its visibility.
Additionally, Coinbase has transitioned the EIGEN-PERP pre-launch market into a standard perpetual futures market as of October 1. This move could enhance trading opportunities and liquidity for EIGEN.
♦️Price Surge to $4
The demand for Eigenlayer has led to a surge in its market cap, which now stands at approximately $767 million. The EIGEN token recently peaked at $4.30, reflecting a staggering 145% increase in trading volume over the last 24 hours.
Since being listed on exchanges, EIGEN has experienced a 15.94% gain and is currently trading at $4.31. Technical analysis on Binance reveals that the token is consolidating above the $4 mark, indicating a pause in the bullish momentum after the initial surge. This consolidation phase suggests that buyers are holding their positions rather than selling off, and a potential double-bottom reversal pattern is emerging within this range.
Despite a slight dip in trading volume during this consolidation, the overall interest remains strong.
♦️ Will Eigenlayer Reach $10?
As middleware built on the Ethereum network, Eigenlayer aims to commoditize decentralized trust. Its growing adoption and listings on major exchanges could propel further price increases.
Analysis based on a 5-minute timeframe using Fibonacci levels indicates potential targets at $6 (50% Fibonacci level) and $6.50 (61.80% Fibonacci level). If the upward momentum continues, EIGEN could eventually challenge the psychological barrier of $10, fueled by strong demand and positive market sentiment.
However, the future trajectory remains uncertain due to limited historical price data, and any emergence of bearish trends could negatively impact this outlook.
