EigenLayer Price Prediction: EIGEN Soars 9%, But Experts Say This PEPE Upgrade Might Be The Best Crypto To Buy Now
The EigenLayer price pumped over 9% in the last 24 hours to trade at $3.72 as of 11:29 p.m. EST as investors go long on the altcoin.
Despite the good 24-hour performance, the EIGEN price is still in the red by more than 7% on the weekly time frame.
Despite the good 24-hour performance, the EIGEN price is still in the red by more than 7% on the weekly time frame.
The EigenLayer price is attempting to flip the resistance level at $3.7215 into support after it printed a series of higher highs and higher lows in the last 48 hours. Should the crypto establish a position above this major price point, EIGEN could continue climbing through the course of the following trading day to potentially reach as high as $4.6730.
However, sellers succeeding in keeping the EigenLayer price below $3.7215 for the next 12 hours might prevent the bullish move from happening. In this alternative scenario, EIGEN could stand the risk of dropping to the $3.0454 support.
Technicals Warn The EigenLayer Price Might Pull Back Soon
From a technical standpoint, indicators warn that EIGENâs bullish momentum is cooling off. Along with the Moving Average Convergence Divergence (MACD), the Relative Strength Index (RSI) is also showing negative signs.
With the MACD line currently positioned above the MACD Signal line, it seems that the EigenLayer price is in a bullish cycle. However, the shrinking gap between these two technical indicators warns that EIGENâs trend could soon undergo a bearish reversal.
Meanwhile, the RSI is valued in the high 50s, which suggests buyers have the upper hand against sellers. This might not be the case for long, however, given the negative slope of the RSI line. If bears continue to push the EigenLayer price down, the RSI might break below the 50 benchmark to indicate that sellers have stolen the advantage.
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