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The EigenLayer price plunged 15% in the last 24 hours to trade at $3.47 as of 00:41 a.m. EST on trading volume that plunged 46% to $527 million.
This comes as Tron founder Justin Sun offloaded all the 5.374 million EIGEN tokens received from the EigenLayer airdrop, garnering about $21.66 million.
Justin Sun team withdrew 21.66 million USDT from Binance today, which means that the 5.374 million EIGEN airdrops that Justin Sun received yesterday have all been sold at an average price of $4.03. Previously, the six addresses belonging to Sun received 5.374 million EIGEN the… https://t.co/ES3HtBOf47
— Wu Blockchain (@WuBlockchain) October 2, 2024
The sale happened shortly after EIGEN token transfers became possible.
EigenLayer Price Aims For A Bullish Trend Reversal
The EigenLayer price has been on a sustained downtrend following the airdrop, according to data from GeckoTerminal. EIGEN is in a downward channel or falling wedge pattern, which is typically a bullish reversal pattern. As the price approaches the wedge’s apex, it could break to the upside if momentum continues to build.
With the bearish trend, the price of EigenLayer has surpassed the 50-day Simple Moving Average (SMA), marked at $3.7880, indicating that the asset is in a short-term bearish trend.
The Relative Strength Index (RSI) is currently at 46.15, which is in the neutral zone. This suggests that the asset isn’t overbought or oversold, and there’s no strong indication of a reversal based solely on RSI. However, the RSI has recently moved upward from lower levels, showing that selling pressure may weaken and buyers are stepping in.
If the bulls succeed in staging a bullish trend reversal, the price of EigenLayer could move up to breach the upper boundary of the wedge as they target the next resistance zone at $4.0.
Conversely, if the bears continue pushing the price down, EIGEN may plunge further down, with the next support zone at $3.0, which acts as a cushion against downward pressure.
Meanwhile, investors looking for diversification opportunities might want to consider a new meme coin ICO called Flockerz (FLOCK), which offers a stratospheric 6,173% Annual Percentage Yield (APY).
According to 99Bitcoins, a popular crypto channel on YouTube with over 706K subscribers, $FLOCK has the potential to soar 100X after its launch.
Flockerz Presale Garners Over $366K In Presale
With its creative Vote-to- Earn (VTE) system, Flockerz is empowering its community, “The Flock,” with influence over the project.
As an incentive, participants receive $FLOCK tokens for their involvement.
Flockerz aims to redefine decentralization through its community-driven governance system, known as Flocktopia. Unlike other projects where a select few make decisions, FLOCKERZ opens its governance to all token holders.
The flock is flying high! We’ve officially crossed $300K! pic.twitter.com/MsLc5PeoyX
— Flockerz (@FlockerzToken) September 28, 2024
In Flocktopia, decisions about the project’s future are made collectively by “The Flock,” the community of $FLOCK holders. Every member has a say, making the platform a truly decentralized and inclusive environment.
Apart from VTE rewards, users can earn passively through the platform’s staking mechanism, with a sky-high annual yield of 6,173%.
To join 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 using your bank card.
Buy before a price hike in less than a day to secure the best deal.
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