The crypto market is picking up steam again, and interest in EIGEN is skyrocketing following Binance’s announcement that it will list Eigenlayer. EIGEN has been added to the offerings of other significant exchanges, such as KuCoin and Bitget, after its listing on Binance.
Furthermore, the EIGEN-PERP pre-launch market will be transitioned into a standard perpetual futures market, according to a statement made by prominent U.S. exchange Coinbase. This change began this morning, October 1.
EIGEN Surges to $4
Eigenlayer’s demand caused the market capitalization to soar to $767 million, and the EIGEN token saw a 145% increase in 24-hour volume and a market price of $4.30.
Eigen has gained by 15.94% after going public on markets, and it is now trading at $4.31. The technical chart available on Binance indicates that the EIGEN rise adopts a horizontal trajectory, consolidating above the $4 threshold.
The consolidation is a result of bullish exhaustion after the initial listing rally, which caused a slowdown. But rather than a retreat, the sideways trend suggests that consumers are hanging onto their recent purchases. Moreover, within the consolidation range, a possible double-bottom reversal is beginning to emerge.
The trading volume for Eigenlayer has witnessed a minor fall amid this consolidation, suggesting that the initial listing gains may be receding.
Is $10 the Next Target?
The Ethereum-based Middleware aids in the commoditization of decentralized trust. Eigenlayer’s increasing popularity and placement on significant exchanges may encourage an additional upswing.
The trend-based Fibonacci levels for the 5-minute timeframe indicate that the uptrend can aim for the 50% Fibonacci level at $6 and the 61.80% Fibonacci level at $6.50.
With robust demand and improved attitude in the cryptocurrency market, the altcoin may hit the $10 psychological barrier if the surge continues.
The absence of previous price action, however, makes future targets unclear, and the emergence of bearish momentum in the market may make the situation worse.
Conclusion
The recent surge in interest around Eigenlayer (EIGEN), particularly following its listing on Binance and other major exchanges, reflects a growing demand for the Ethereum-based middleware project. The significant price increase and market capitalization of EIGEN demonstrate bullish sentiment, although the current consolidation phase suggests that traders may be pausing after the initial listing frenzy.
The token’s ability to stabilize above $4 indicates that holders are confident in its long-term potential, despite a slight drop in trading volume. The possible double-bottom reversal forming within this consolidation could serve as a bullish indicator if it is confirmed.
Looking ahead, the target of $10 appears ambitious but not impossible, especially if the broader crypto market remains positive and demand for Eigenlayer’s decentralized trust solutions continues to grow. Fibonacci levels suggest interim targets around $6 to $6.50, which would need to be breached before aiming for the psychological $10 level.
However, as with any token newly listed on major exchanges, price volatility is expected, and the lack of historical data for EIGEN could make future movements more unpredictable.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.