Launched on 01st October, its native token “EIGEN” is a universal intersubjective “work token” designed for EigenLayer. It enables security for various digital tasks that are not just limited to objectively verifiable but also socially referable.
Unlike traditional work tokens that are tied to one specific digital task or objective faults, EIGEN addresses a broader category of faults where multiple external observers agree on whether the task was performed correctly.
EIGEN Crypto Price Action:
The Eigen Layer price has jumped ~4% in the past 24 hours. Moreover, with a circulating supply of 186,582,000 EIGEN tokens and a market cap of $666.40 million, it has secured the 98th position in the crypto space. Further, it is currently trading at a discount of ~21% from its ATH.
Notably, it expands the range of tasks that can be securely managed on a blockchain. The primary application of the EIGEN token is staking for social faults on its platform, performing validation tasks across various AVS, and incentivizing and penalizing operators performance-based.
Eigen Layer Technical Sentiments:
The SMA acts as a support to the EIGEN price chart in the 1H time frame. This indicates a strong bullish sentiment for the altcoin in the shorter time frame.
However, the RSI indicator shows a high possibility of a bearish convergence in the Eigen Layer price chart. This suggests uncertain price action for it this week.
Is EIGEN Price A Good Buy?
If the bulls regain momentum, the Eigen crypto will head toward its resistance level of $3.950 this week. Moreover, if the bulls continue gaining power, this could result in it preparing to retest its ATH in the coming time.
On the flip side, a bearish reversal could pull the price of Eigen toward its support level of $3.345. Furthermore, if the bears gain traction, this Ethereum-based crypto token would plunge toward its lower support level of $2.70.
Interested in the future price projections of the ETH token? Read our Ethereum Price Prediction to decode the same!
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