In times when large-cap and popular tokens like Bitcoin, Ethereum, XRP, or Cardano are consolidating, EigenLayer is displaying a huge possibility of triggering a huge bull run. Besides, the market participants are busy following the memecoins, AI tokens, or gaming tokens, while the EIGEN price has triggered a fine recovery and is believed to reclaim the lost levels in a short while from now.
The EIGEN price is among the tokens with top social activity, and top market performance and is the top gainer in the past 24 hours. The price has recovered by over 35% from the monthly lows close to $3. The token started the quarterly trade, forming a new ATH at $4.15 and now that the levels have soared to $4, a new ATH could be fast approaching. Currently, the token is listed and has been the most traded token after the top tokens.
What’s next for the EIGEN price rally? Will the price reach $10 in 2024?
As seen in the above chart, the EIGEN price underwent a parabolic recovery from its ATH, which has opened an opportunity to go long if the bulls display some strength at the support. The stochastic RSI has reached the upper threshold and before entering the overbought level, it is about to undergo a bearish crossover. Besides, the MACD shows a drop in the buying pressure, which could validate the bearish claim. Therefore, a small dip to the support of the recovery curve at $3.875 could be fast approaching, which could be a decisive one.
Here if the bulls regain momentum validating the parabolic curve, which may push the prices close to the ATH in the next few days. Secondly, if the bulls fail to defend the support, a drop to the next support close to $3.80 could be imminent. However, this could validate a rising wedge pattern, which may further trigger a rebound to $4.18 and also raise the possibility of a pullback after reaching the apex back to $3.8.
Therefore, the EigenLayer (EIGEN) price is expected to remain volatile as the volume of the token has been rising consistently.
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