CandleFocus EigenLayer (EIGEN) Open Interest Hits Record Low After 25% Price Drop
2024-10-28
Author: Content Editor
The price of EigenLayer's native token, EIGEN, attempted to revisit its launch price after a surge in Open Interest (OI), indicating strong trader interest. However, the OI has since plummeted to its lowest level since launch, suggesting waning interest from traders and a lack of fresh capital entering the market. This drop in OI correlates with a 25% decrease in EIGEN's price. Additionally, there has been a significant decline in active addresses, indicating diminishing demand. The price chart suggests that EIGEN may face resistance at $2.86 and could potentially slide to $2.59 in the short term. However, if sentiment improves and OI increases, the price may stabilize or even bounce back.
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