Will the Bullish Trend in Eigenlayer (EIGEN) Continue to $10 as the Listing Gains Surpass $4 in a Single Day?

With Binance's announcement to list Eigenlayer, the crypto market is regaining momentum, and interest in EIGEN is surging.

Eigenlayer (EIGEN) price soared to $4.30 on Monday, following Binance’s announcement to list the decentralized trust middleware token.

The listing on Binance, coupled with the recent addition of EIGEN to other major exchanges like KuCoin and Bitget, has sparked a renewed interest in the crypto market.

Moreover, leading U.S. exchange Coinbase announced the transition of the EIGEN-PERP pre-launch market into a standard perpetual futures market, which began early October 1.

EIGEN Surges to $4

As traders scrambled to get their hands on EIGEN, the market capitalization surged to $767 million, and the EIGEN token reached a market price of $4.30, boasting a massive 145% spike in 24-hour volume.

EIGEN’s price has risen by 15.94% since its listing on exchanges and is currently trading at $4.31. The technical chart on Binance reveals that the uptrend in EIGEN is taking a sideways approach and consolidating above the $4 mark.

This consolidation reflects a pause in the uptrend, possibly due to bullish exhaustion following the initial listing rally. However, the sideways trend, rather than a pullback, indicates that buyers are entering the market and buffering against any sharp declines.

Furthermore, a potential double-bottom reversal is emerging within the consolidation range, which could signal a continuation of the uptrend if the support at $4 holds.

The trading volume for Eigenlayer has seen a slight dip amid this consolidation, suggesting that the initial listing gains may be slowing.

Will Eigen Layer Hit $10?

EigenLayer is middleware that sits on the Ethereum network and helps commoditize decentralized trust.

With the growing adoption and listing of Eigenlayer on major exchanges, the token’s inherent utility could likely fuel further uptrend.

Based on the 5-minute timeframe, the trend-based Fibonacci levels, the uptrend can target the 50% Fibonacci level at $6 and the 61.80% Fibonacci level at the $6.50 mark.

If the uptrend is sustained, the altcoin could potentially reach the $10 psychological mark, driven by strong demand and improving sentiments in the crypto market.

However, future targets remain to be seen due to the lack of historical price action, and the advent of bearish momentum in the market could also worsen the outlook.