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EigenLayer price plunged 15% in the last 24 hours trading at $3.47 at 12:41 a.m. EST, on trading volume that plunged 46% to $527 million.
This comes as Tron founder Justin Sun unloaded all 5.374 million EIGEN tokens received from the EigenLayer airdrop, raising approximately $21.66 million.
Justin Sun’s team withdrew 21.66 million USDT from Binance today, meaning the 5.374 million EIGEN airdrops Justin Sun received yesterday were all sold at an average price of $4.03. Previously, the six addresses owned by Sun received 5.374 million EIGEN on…
-Wu Blockchain (@WuBlockchain) October 2, 2024
The sale took place shortly after EIGEN token transfers became possible.
EigenLayer price aims for bullish trend reversal
The price of EigenLayer saw a sustained downward trend after the airdrop, according to data from GeckoTerminal. EIGEN is in a descending channel or falling wedge pattern, which is typically a bullish reversal pattern. As the price approaches the top of the wedge, it could open higher if momentum continues to build.
With the downtrend, EigenLayer price broke above the 50-day simple moving average (SMA) marked at $3.7880, indicating that the asset is in a short-term downtrend.
The Relative Strength Index (RSI) is currently at 46.15, which is in the neutral zone. This suggests that the asset is neither overbought nor oversold, and that there is no strong indication of a reversal based on the RSI alone. However, the RSI has recently moved from lower levels to higher, showing that selling pressure may be weakening and buyers are stepping in.
If the bulls manage to reverse the uptrend, EigenLayer price could rise to breach the upper boundary of the wedge as they target the next resistance zone at $4.0.
Conversely, if the bears continue to push the price lower, EIGEN could plunge even lower, with the next support zone at $3.0 acting as a cushion against downward pressure.
Meanwhile, investors looking for diversification opportunities might consider a new coin ICO called Flockerz (TROOP)which offers a stratospheric annual percentage yield (APY) of 6,173%.
According to 99Bitcoins, a popular crypto channel on YouTube with over 706,000 subscribers, $FLOCK has the potential to soar up to 100 times after its launch.
Flockerz Presale Raises Over $366,000 in Presales
With its creative Vote-to-Earn (VTE) system, Flockerz gives its community, “The Flock”, influence over the project.
As an incentive, participants receive $FLOCK tokens for their involvement.
Flockerz aims to redefine decentralization through its community governance system, known as Flocktopia. Unlike other projects where a privileged few make decisions, FLOCKERZ opens its governance to all token holders.
The herd is flying high! We have officially passed $300,000! pic.twitter.com/MsLc5PeoyX
– Flockerz (@FlockerzToken) September 28, 2024
In Flocktopia, decisions regarding the future of the project are made collectively by “The Flock”, the community of $FLOCK holders. Each member has a say, making the platform a truly decentralized and inclusive environment.
In addition to VTE rewards, users can earn passively through the platform’s VTE rewards. staking mechanismwith an exorbitant annual return of 6,173%.
To participate in the presale, you can buy $FLOCK on the official website here for $0.0056785 per token using BNB, ETH or USDT. You can also make purchases with your bank card.
Buy before a price rise in less than a day to get the best deal.
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