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Will the bullish trend in Eigenlayer (EIGEN) continue to $10 as the listing gains surpass $4 in a single day?
With Binance’s announcement to list Eigenlayer, the crypto market is regaining momentum, and interest in EIGEN is surging. Following the Binance listing, other major exchanges, including KuCoin and Bitget, have added EIGEN to their offerings.
Additionally, leading U.S. exchange Coinbase has announced the transition of the EIGEN-PERP pre-launch market into a standard perpetual futures market. This transition commenced early today, October 1.
EIGEN Hits $4
With a surge in demand for Eigenlayer, the market cap skyrocketed to $767 million, and the EIGEN token reached a market price of $4.30, accompanied by a massive 145% spike in 24-hour volume.
Since its listing on exchanges, Eigen has increased by 15.94% and is currently trading at $4.31. The technical chart on Binance shows that the uptrend in EIGEN takes a sideways approach and consolidates above the $4 mark.
The consolidation reflects a slowdown due to bullish exhaustion following the initial listing rally. However, the sideways trend, rather than a pullback, indicates that buyers are holding onto their recent purchases. Furthermore, a potential double-bottom reversal is emerging within the consolidation range.
The trading volume for Eigenlayer has seen a slight dip amid this consolidation, suggesting that the initial listing gains may be slowing.
Will Eigen Layer Hit $10?
EigenLayer is middleware built on the Ethereum network. It helps commoditize decentralized trust. The growing adoption and listing of Eigenlayer on major exchanges could likely fuel further uptrend.
Based on the 5-minute timeframe, the trend-based Fibonacci levels, the uptrend can target the 50% Fibonacci level at $6 and the 61.80% Fibonacci level at the $6.50 mark.
If the uptrend is sustained, the altcoin could potentially reach the $10 psychological mark, driven by strong demand and improving sentiments in the crypto market. However, future targets remain uncertain due to the lack of historical price action, and the advent of bearish momentum in the market could also worsen the outlook.