EIGEN Price Surges 15% in 24 Hours, Eyes $1.70 After Double Bottom Breakout

EIGEN Breaks Key Resistance, Targets $1.70

Hang onto your hats, crypto fans! EIGEN just smashed through the $1.41 neckline of a double bottom pattern and is now gunning for the $1.60 resistance zone. If it keeps this momentum, we could see it charging all the way to $1.70!

15% Surge in 24 Hours, Trading Volume Doubles

EigenCloud, the project formerly known as EigenLayer, has seen its EIGEN token skyrocket 15% in just the last 24 hours. It's now trading around $1.45, with trading volume more than doubling. This insane rally has pushed the price right up to the upper trendline of an ascending channel that's been holding strong since early July on the 4-hour chart. Buckle up, folks!

Double Bottom Breakout Points to $1.55-$1.60 Target

Get this: EIGEN just broke out of a double bottom pattern, with key support at $1.25 and a neckline at $1.41. The measured move from this breakout is pointing straight at a target near $1.55 to $1.60, which lines up perfectly with the channel's upper boundary. Talk about confluence!

Bullish Continuation Above $1.60 Could Hit $1.70

If EIGEN can break above $1.60 with strong volume and the RSI stays under control (not overbought above 70), we could be looking at a bullish continuation all the way to $1.70. That's a key level from early May and June where the price got rejected multiple times. But if it can get past that, there's not much resistance until the $1.85-$1.90 zone, giving the bulls plenty of room to run wild!

Pullback Risk if $1.50-$1.60 Fails

But hold on, it's not all sunshine and rainbows. If EIGEN can't hold above $1.50-$1.60, we could see a pullback towards the channel support around $1.30 or even a retest of the double bottom's breakout neckline at $1.41. Keep your eyes peeled!

Fundamental Developments Fueling EIGEN Rally

This EIGEN rally isn't just a flash in the pan. It's coming hot on the heels of some serious fundamental developments. Back in June, a16z threw $70 million at EigenCloud to support the launch of their unified cloud platform, aimed at supercharging crypto's app era. And that's not all - Santiment ranked EigenCloud among the top Ethereum-based projects by development activity around the same time. Plus, Renzo Protocol and Concrete just launched institutional restaking vaults on EigenCloud. The stars are aligning for EIGEN, folks!