EigenLayer (EIGEN) Edges Towards a Key Level

The EigenLayer market has continued to edge higher toward key technical levels. This can be seen taking effect as the market captures a gain of 6.45%. Nevertheless, while this market continues to move toward a key technical level, traders should maintain caution, considering that the market possesses some vulnerabilities as well.

EIGEN Market Statistics

Current Price: $1.274

Market Capitalization: $425.3M

Circulating Supply: 329.02M

Total Supply: 1.74B

CoinMarketCap Rank: 131

Key Price Levels

Resistance: $1.500, $1.750, $2.000

Support: $1.200, $1.000, $0.800

EigenLayer Sees a More Notable Bullish Advancement

The EIGEN token on the daily chart has presented notable gains in the positive direction. The ongoing session is testing the middle limit of the Bollinger Bands (BB) indicator. As a result, the corresponding price candle has no shadow, which suggests that price forces at this time aren’t presenting much struggle in the market.

Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are steadily rising out of the oversold region. Although the lines of this indicator still lie below the 50 threshold, it appears the indicator lines are rising too quickly compared to the degree of price movement in the market. This signals caution to traders.

EIGEN Sees a Sharp Upward Rebound That May Draw Attention Henceforth

On the EigenLayer 4-hour market, it seems to have started pushing some limits. The last price candle on this chart is a long green one. It can also be seen to have pushed through the narrowed uppermost limit of the BB indicator. The BB indicator itself is now shaping toward an upward trajectory in response to the rapid price growth.

Likewise, the SRSI indicator lines have delivered an upward rebound in the oversold region, and the ensuing lines of the indicator are rising very quickly as well. For what it’s worth, this market currently keeps to an upward trend, and price action may hit the $1.500 or higher price levels. Traders should anticipate a possible pullback along the way.

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