New Peak for EigenLayer as Momentum Builds

• EigenLayer trades at $5.37 after a 7.75% jump.
• EIGEN’s daily trading volume has surged by a remarkable 84.25%.

Following a short bullish correction, the crypto market cap has bounced to $3.75 trillion, with assets reflecting both profits and setbacks. In the face of mixed sentiment, EigenLayer (EIGEN) has hit a new all-time high at $5.65.

The prolonged 117% rally of EIGEN over the past thirty days fueled the asset to hit new highs. In the early trading hours, a series of crucial resistances were broken, particularly at $5.14 and $5.30. Over the last 24 hours, EigenLayer has visited its low at $4.92 and eventually jumped to the ATH.

As of now, EIGEN trades at $5.37, registering a gain of over 7.75%. The asset’s market cap has reached $1.13 billion. In the meantime, the daily trading volume of the asset is resting at $406 million.

EIGEN price chart (Source: CMC)

Zooming in on the weekly price chart, EIGEN has recorded an 11.27% gain. The asset opened the week trading at $4.79, and the price momentum was highly volatile. The midweek trading level is observed between $4.99 and $4.55, respectively.

Does EIGEN Have More Potential?

The four-hour price graph of EIGEN has reported an active upside correction, inferring market interest. If the bullish momentum continues, the asset could surpass the current ATH with ease, hitting $5.77. This signals a mighty continuation of the uptrend, and the altcoin can reach a high of $5.85.

If the bullish sentiment turns around, EIGEN might encounter sturdy downside pressure. The price could fall back and stabilize at $5.33. Failure to hold ground at this level could wipe the gains, causing the asset to backpedal toward the $5.27 mark or even lower.

EigenLayer’s daily trading window displays the short-term 9-day moving average upon the long-term 21-day moving average. Moreover, the daily Relative Strength Index (RSI) stands at 61.14, within the neutral range. It reflects a dominant buying pressure in a healthy uptrend.

Additionally, the Moving Average Convergence Divergence of the EIGEN/USDT trading pair illustrates the MACD line has crossed upon the signal line. This crossover likely highlights the positive movement of EigenLayer. There could be more buying interest, and the price may ascend.

EIGEN chart (Source: TradingView)

The technical indicator, Chaikin Money Flow (CMF), is positioned at -0.01, inferring the negative money flow. It signals a weak distribution but not an absolute bearish signal. If it declines further, strong selling pressure is confirmed. Concurrently, EigenLayer’s daily trading volume has surged by over 84.25%.

Disclaimer: The opinion expressed in the article is solely the author’s. It does not represent investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.

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