The crypto market showcases a sluggish trend in October’s second week as Bitcoin struggles to sustain above the $65000 mark. While most major altcoins experience similar uncertainty, the EigenLayer price prediction shows EIGEN bounced from $3.05 to $4, accounting for a 32% hike. The bullish turnaround could extend to a $5 psychological level amid a reversal chart pattern and whale accumulation.
EigenLayer Price Breakout Looms As Whale Buys 1.63M EIGEN
According to on-chain data tracker Lookonchain, two fresh wallets, likely belonging to the same person, collectively spent 24 2,471 $ETH (approximately $6.03 Million) to buy 1.63 million EIGEN tokens.
The tweet highlights that the address labeled 0x45cE spent $1,234 ETH (around $3.01M) to purchase 791.8k EIGEN tokens at an average price of $3.8. Meanwhile, the second wallet, labeled 0x2425, spent 1,237 ETH (3.02) to acquire 835.3k EIGEN tokens, accumulating them at a slightly cheaper value of $3.61 per token.
In the financial market, large holders buying often coincides with an asset securing bottom and kickstarting a high momentum rally. The recent accumulation of EigenLayer price prediction as the coin rallied past $3.8 indicated the potential for prolonged recovery.
2 fresh wallets (likely belonging to the same person) spent 2,471 $ETH($6.03M) to buy 1.63M $EIGEN in the past 30 hours.
0x45cE spent 1,234 $ETH($3.01M) to buy 791,845 $EIGEN at $3.8.https://t.co/JYLX4d9dNI
0x2425 spent 1,237 $ETH($3.02M) to buy 835,391 $EIGEN at $3.61.… pic.twitter.com/ENb1OyCsqJ
— Lookonchain (@lookonchain) October 9, 2024
EIGEN Price Prediction: Is $5 Next?
Witnessing a massive drop upon listing over Coinbase, the Eigenlayer marked a low at $3.036 before stabilizing. In the 4-hour chart, the Eigenlayer price prediction reveals its consolidation as forming an inverted head-and-shoulder pattern.
Theoretically, the pattern consists of three consecutive troughs, with the middle extending lower than the surrounding two. Amid this bullish pattern and whale buying, the EIGEN price gave a deceive breakout from the $3.66 neckline resistance.
With a post-retest reversal forming a morning star pattern, the EIGEN token now trades at $4.061, boosting a market cap of $747.5 Million. As the breakout rally gains momentum, the altcoin could face the next crucial resistance at $4.258, followed by $5.
Furthermore, the 20-and-50-day exponential moving average witnesses an uptick and could provide dynamic support to crypto buyers.
EIGEN/USDT -1d Chart
On the contrary, the multi-rejection candle at $4.258 signals the presence of a significant overhead supply. As the crypto market today shows a sluggish trend, a possible reversal from this resistance could push the Eigenlayer price prediction below the neckline at $3.66 and invalidate the bullish thesis.
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