EIGEN, a token associated with whale accumulation, has seen a surge in interest and price spikes recently. With a trading price of $2.58 and a 7.18% increase in the past 24 hours, EIGEN has caught the attention of investors. The token has a 24-hour trading volume of $158.47 million, indicating growing interest in the market. However, the Open Interest for EIGEN has decreased by 7.20%, standing at $66.46 million. Despite this decrease, whale activity suggests growing confidence in the token’s future, as major investors strategically accumulate EIGEN.
One particular whale with assets amounting to $200 million spent 3,391 ETH over eight days to acquire 4.483 million EIGEN. This move increased the whale’s holdings to 5.04 million EIGEN worth $11.14 million, making it the second-largest position in the investor’s portfolio. This deliberate strategy by whales indicates a potential upward trend for EIGEN in the future. The token’s immediate support level is at $2.20, with resistance levels at $2.80 and a key resistance at $3.40, offering a potential upside of 48.78%. The current setup suggests a short-term recovery for EIGEN, with moving averages and technical indicators aligning with these levels.
Analyzing data from IntoTheBlock, there is a strong correlation between whale activity and EIGEN’s price movement. In late September, a surge in large transactions exceeding 1,500 led to a price increase above $4.00, driven by heightened institutional interest. However, following this peak, both transaction counts and price declined steadily throughout October, with transactions dropping below 500. The price remained within the range of $2.50-$3.00. Despite fluctuations in whale activity, recent data shows a slight increase in activity, with a high of 186 large transactions on November 18 and a low of 28 on November 17, indicating inconsistent whale engagement.
Moving averages, MACD histogram, and stochastic RSI indicators suggest a potential bullish trend for EIGEN, with a confirmation required through a price break above $2.80 for further upward momentum. The 50 SMA at $2.449, 100 SMA at $2.703, and 200 SMA at $2.857 act as key resistance levels for sustained upward movement. Whale accumulation continues to play a significant role in EIGEN’s price surge, with strategic acquisitions by major investors hinting at the token’s potential growth in the market. As whale activity increases, EIGEN’s price movements will likely continue to be influenced by institutional interest and large transactions in the coming days.
