EIGEN Crypto Price Prediction 2023-2025: Is EIGEN A Good Buy?

Launched on 01st October, its native token “EIGEN” is a universal intersubjective “work token” designed for EigenLayer.

The Eigen Layer price has witnessed a surge of nearly 4% in the last 24 hours, bringing its price to $3.54 at the time of writing. With a circulating supply of 186,582,000 EIGEN tokens and a market cap of $666.40 million, the crypto has secured the 98th position in the crypto space. Moreover, it is currently trading at a discount of nearly 21% from its ATH.

The introduction of EIGEN as a universal “work token” for EigenLayer marks a significant development in the realm of digital work tokenization. Unlike traditional work tokens, which are limited to objectively verifiable tasks, EIGEN expands the category of faults to include those where multiple external observers can agree on the correctness of the task performance. This broadens the scope of tasks that can be securely managed on a blockchain.

The primary application of the EIGEN token lies in staking for social faults on the EigenLayer platform, performing validation tasks across various Autonomous Verifiable Systems (AVS), and incentivizing or penalizing operators based on their performance.

A glance at the Eigen Layer technical sentiments reveals that the SMA acts as a support to the EIGEN price chart in the 1H time frame. This indicates a strong bullish sentiment for the altcoin in the shorter time frame. However, the RSI indicator shows a high possibility of a bearish convergence in the Eigen Layer price chart. This suggests uncertain price action for it this week.

As we approach the end of the week, let’s analyze the crucial price levels that could dictate the future trajectory of the EIGEN token.

If the bulls regain momentum, the Eigen crypto will head toward its resistance level of $3.950 this week. Moreover, if the bulls continue gaining power, this could result in it preparing to retest its ATH in the coming time.

On the flip side, a bearish reversal could pull the price of Eigen toward its support level of $3.345. Furthermore, if the bears gain traction, this Ethereum-based crypto token would plunge toward its lower support level of $2.70.

Are you curious about the future price projections of the ETH token? Check out our Ethereum Price Prediction to uncover the possibilities.

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