EIGEN struggles amid whale activity: Is a recovery still possible?
The post EIGEN struggles amid whale activity: Is a recovery still possible? appeared on BitcoinEthereumNews.com.
Whale deposits signaled concern as EIGEN faced a significant loss. On-chain data and liquidation heatmap suggested bearish sentiment, signaling more price drops. A recent whale deposit of 2 million Eigenlayer [EIGEN], valued at $3.18 million, into Binance has raised eyebrows in the crypto community. The whale had previously withdrawn the same amount of EIGEN for $9.07 million just two months ago, but with the price now dropping drastically, this investor faces a staggering loss of $5.89 million. The price of the altcoin has decreased from $4.53 to $1.59, leaving many wondering if this is a warning or a sign of an eventual recovery. What’s behind the current EIGEN price action? At press time, EIGEN was trading at $1.61, showing a sharp 9.77% decrease within the last 24 hours. The price has seen a steady decline from the peak of $5.659, and it’s now below critical resistance levels. Key resistance levels were at $2.20, $3.03, and $3.47, indicating where the price may face difficulty breaking through. Support was also looking weak, with the $1.60 level showing potential for further support if the price doesn’t drop lower. Based on the current market trend, a brief consolidation near the $1.60 range could be expected. However, with the current downtrend, the likelihood of a potential further decrease towards the $1.42 mark looms unless market conditions change soon. Source: TradingView On-chain activity and market sentiment The on-chain signals for EIGEN remained bearish at the moment. Net network growth stood at 0.74%, which pointed to limited growth. The concentration of assets and large transactions were also showing negative trends with -0.08% and -2.22%, respectively. These signs reflected decreasing interest in EIGEN, potentially exacerbating the current downturn. Moreover, the token’s position “in the money” showed slight neutral sentiment at -0.04%, further underlining the current uncertainty in the market.…
Filed under: News - @ February 13, 2025 4:19 am