EIGEN price recently cleared the $1.41 neckline of a double bottom and is moving toward the $1.60 resistance zone.
EIGEN Price Analysis
EIGEN price has surged 15% over the past 24 hours, now trading around $1.45, with trading volume more than doubling. This rally has brought the price close to the upper trendline of an ascending channel that has been intact since early July.
Growth Prospects
A breakout above $1.60 with strong volume and RSI staying controlled (not overbought above 70) could open the door for a bullish continuation toward $1.70. This is a key level where multiple rejections occurred in early May and June. Above $1.70, there’s limited historical resistance until the $1.85–$1.90 zone.
Fundamental Factors
The rally in EIGEN price is occurring after a series of recent bullish developments on the fundamental front. In June, a16z backed EigenCloud with a $70M token acquisition to support the launch of EigenCloud, aimed at accelerating crypto’s app era.
The rising price of EIGEN and recent positive fundamental factors indicate a potential continuation of the bullish trend, while monitoring key support and resistance levels remains essential.
