Date: Wed, Oct 09, 2024, 06:42 AM GMT
EigenLayer (EIGEN), a restaking protocol on Ethereum, is defying the broader cryptocurrency market trend, surging with an impressive 18% gain in the last 24 hours. Currently trading at $4.13, the token has bounced back strongly from recent lows, boosting its market cap to $764 million. This remarkable recovery comes at a time when many altcoins are struggling due to Bitcoin’s sluggish momentum.
After being listed on October 1, EIGEN initially faced a sharp 30% decline, falling from its all-time high of $4.58 to a low of $3.08. The drop was largely attributed to a sell-off by airdrop recipients. However, the token quickly rebounded from the $3.08 level, with today’s surge driven by a breakout past the $3.69 resistance level.
As EIGEN approaches a key resistance zone between $4.10 and $4.27, all eyes are on whether the token can maintain its bullish momentum. If it manages to break through this level, EIGEN could be poised for a significant rally in the coming days.
Interestingly, despite some concerns about large-scale sell-offs, the token continues to hold strong. Spotonchain reported today that Justin Sun, a prominent figure in the crypto world, received 3.62 million EIGEN tokens (worth $14.1 million) from a yesterday’s token unlock and deposited them to Binance at a price of around $3.89. Despite this, EIGEN’s price shows no signs of slowing down, which signals strong buying interest and market confidence.
As the market watches to see if EIGEN can break through its next resistance, investors are hopeful that the token’s upward trend will continue.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.