EigenLayer (EIGEN) moved higher as Bitcoin’s recovery towards the $95K mark sparked bullish action in the altcoin market.
Meanwhile, news of the recently launched management system has given EIGEN a boost.
1/ 🏛️ Today we will share some of our general ideas about the decentralized governance that will form the basis of EigenGov, @eigenlayerRussian governance platform. EigenGov brings together members of our ecosystem to support our shared vision of open innovation through…
The alta rose from a daily low of $3.1562 to $3.70 – a jump of 17.23%. In addition, EIGEN expects further gains as bullish sentiment strengthens.
The project introduced a new management scheme to strengthen cooperation between participating ecosystems. The ad stated:
EigenGov’s role is to maintain a level of coordination of the EigenLayer ecosystem for EIGEN owners, AVS developers, operators and stakeholders who are key participants in the prosperity, security and reliability of the EigenLayer protocol.
EigenGov V1 promises decentralized decision making and enhanced partnerships within the EigenLayer blockchain.
EIGEN price-quality
The native coin is trading at $3.70 after falling from the day’s high. The current price of the coin is 14.73% higher than today’s opening price.
A 21% increase in 24-hour trading volume to $371 million signals increased investor interest, supporting further gains for the altcoin.
Whale activity supports the bullish move. IntoTheBlock data shows a significant correlation between EIGEN price action and whale activity.
In late September, the number of large transfers skyrocketed to 1,500, pushing prices up to $4. The increase in activity comes amid increased interest from wealthy investors.
However, October saw a reversal, with prices consolidating between $2.50 and $3.00 and the number of transactions falling below 500.
Early November saw quiet activity, with prices hovering within a narrowed band and daily trades hovering between the 50s and 200s.
Meanwhile, activity has increased slightly over the past seven days.
Large-scale movements increased sharply from 28 on November 17 to 186 on November 18, indicating a resurgence of whales.
Moreover, transactions over $100,000 maintained a steady upward trend last week.
Derivatives markets are showing noticeable optimism due to EIGEN’s prevailing performance.
Coinglass data shows that the token’s supply increased by 33% to $551.44 million.
Additionally, the 22% increase in open interest highlights significant investor enthusiasm as the token anticipates even greater returns.
The positive long/short ratio shows that traders are expecting higher profits from EigenLayer.
Sustained bullish sentiment in the coming sessions could lead to a breakout of the resistance at $3.967.
This will take bulls to $4,405, which is 24% higher than current prices.
EIGEN’s impressive performance is consistent with its broad market outlook.
Cryptocurrency landscape
Digital tokens traded higher today, with Bitcoin recovering to the vital $95K mark.
Meanwhile, altcoins are signaling the upcoming altcoin season as they outperformed BTC.
For example, Ethereum, Solana and XRP gained over 6%, 3.84% and 5.8%, while Bitcoin jumped 2.04% on the daily chart.
Moreover, the decline in Bitcoin dominance, which currently stands at 57.17%, supports this theory.
Moreover, analysts believe that the market is on the verge of altcoin season and Crypto Tamil is expecting it within a week.
BTC bounced sharply off the 618 Fibonacci level, which coincides with the 20-day EMA, a strong technical support zone. What’s more important is that BTC’s dominance did not increase with this move. Only 5 more days, guys! Get ready for a full-blown altcoin season—it’s…
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