The post Whales accumulate EIGEN: Is this a sign of EigenLayer’s future rally? appeared on BitcoinEthereumNews.com.

Massive whale accumulation has brought significant attention to EIGEN. Whale activity aligned with EIGEN’s price rise and spikes. EigenLayer [EIGEN] was trading at $2.58 at press time, marking a 7.18% increase over the past 24 hours. The 24-hour trading volume was $158.47 million, up by 24.71%. However, the Open Interest (OI) for EIGEN stood at $66.46 million, reflecting a 7.20% decrease. Whale activity often signals potential market trends, and $EIGEN has recently taken center stage. Major investor’s strategic accumulation suggests growing confidence in the token’s future. A whale with $200 million in assets spent 3,391 ETH, valued at $10.44 million, over eight days to acquire 4.483 million EIGEN. This move raised its holdings to 5.04 million EIGEN worth $11.14 million, making it the whale’s second-largest position after ETH. This highlighted a consistent and deliberate strategy. Source:X Is copying whales the hack? The immediate support level for the token was at $2.20. Resistance levels were observed at $2.80, with a key resistance at $3.40. This setup offered a potential upside of 48.78%. The price has recently rebounded from the support trendline, indicating the possibility of a short-term recovery.  Source: Tradingview Moving Averages (MA) are also aligned with these levels. The 50 SMA at $2.449 acts as immediate resistance, followed by the 100 SMA at $2.703 and the 200 SMA at $2.857, marking key barriers for sustained upward movement. The MACD histogram showed decreasing bearish momentum as the signal lines were approaching a potential bullish crossover. Meanwhile, the stochastic RSI was in oversold territory, with the fast line at 14.48 and the slow line at 25.64, suggesting a likely upward reversal. Overall, while the indicators hint at bullish potential, confirmation through a price break above $2.80 is essential for further upward momentum. Whale transactions help EIGEN surge! An analysis of IntoTheBlock data…

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Filed under: News - @ November 22, 2024 11:25 am