EIGEN's price surged by 11.69% in the last 24 hours, reaching $5.23. Technical analysis suggests a potential for further growth, while market indicators reveal both bullish and cautionary signs.
EIGEN ’s price has risen 11.69%, in the last 24 hours. It has registered impressive market activity lately, with its price climbing by 11.69% over the last 24 hours, hitting $5.23. The cryptocurrency fluctuated between a low of $4.69 and a high of $5.23 during this period, reflecting some price volatility. Despite these fluctuations, however, EIGEN ’s market capitalization stood at $1.08 billion at press time – An uptick of 6.72%, reinforcing its appeal to investors.
In fact, Head and Shoulders signal EIGEN’s potential for sustained growth On the price charts, EIGEN clearly flashed a head and shoulders pattern, one which often signals a continuation of the upward trend. The neckline of this pattern seemed to be near the $5-mark, and if the price breaks above the resistance level at around $5.38, there may be potential for a hike to $7 – Representing a 37.13% surge from its press time levels. Additionally, there was a solid support zone around the $4.77 neckline, offering a level of stability in the market.The Stochastic Oscillator’s reading of 70.46 indicated that EIGEN has been in overbought territory. Hence, a pause or correction could be on the horizon soon. And yet, despite this, the Awesome Oscillator’s reading of 0.122 supported the prevailing bullish sentiment, indicating positive momentum. Around September 2024, a significant price hike to approximately $6 drove a surge in both new and active addresses, indicating heightened user engagement. However, in December 2024, as EIGEN’s price stabilized around $5, there was a slight decline of over 4.8% in new addresses. Soon after, however, active addresses rose by 13.92% – A sign of growing engagement from existing users. At the same time, zero balance addresses climbed by 37.60%, signaling that many users are holding their positions without engaging in active trading, likely awaiting further price movement
EIGEN Cryptocurrency Price Increase Market Analysis Technical Indicators
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