Institutional demand for EigenCloud (EIGEN) increased 14% to $25.3 million over the past 24 hours, signaling stronger participation from large investors.
This increase has been accompanied by increasing whale accumulation, suggesting that institutional and high net worth investors are becoming more active at current price levels.
Larger operator activity is often monitored during potential trend reversals, as whales have historically accumulated ahead of a broader shift in market sentiment. EIGEN now appears to show similar behavior.
Do institutional purchases raise EIGEN?
Price has already started to react.
On the daily chart, EIGEN gained over 10%, making it one of the best performing assets on the market. This rally coincided with stronger on-chain activity, suggesting that rising demand could fuel price action.
At the time of writing, EIGEN was trading above its major exponential moving averages (EMA).
Meanwhile, the Stochastic RSI has rebounded from oversold territory, highlighting $0.212 as an important demand zone. The move left buyers wondering if the momentum could continue.
Where could EIGEN gather next?
Attention has now shifted to the next major resistance.
According to liquidation data, a large pool of liquidity was around $0.316, where over $300,000 of leveraged positions were concentrated.
These areas often attract prices because market participants target areas where liquidity is concentrated.
If the buying momentum persists, EIGEN could next test the $0.316 resistance level.
A move to this region could increase volatility as leveraged positions begin to unwind.
Even so, institutional demand, whale accumulation, and improving technical indicators alone do not confirm a breakout. EIGEN still needs to reclaim $0.316 before a stronger uptrend is confirmed.
Final Summary
- Institutional demand increased by 14%, coinciding with increased whale accumulation.
- EIGEN gained over 10% as buying activity carried over into price action.
