The native token of Eigencloud (east Eigenlayer) is showing indications of compressed as $ 1.6 million token unlock on the chart.
Summary
- Eigen trades near $ 1.34, 8% below daily but 24% monthly.
- On July 29, $ 1.6m token unlock affects short-ract direction.
- Technical shows that support is tested and a squeeze is formed in the form of volume dips.
The token is trading at $ 1.34, which is 8% below in the last 24 hours, but still a profit of 24% in the last month. Despite the recent upward trend, Eigencloud (Eigen) is 76% below its all -time high level of $ 5.65 set in Dec. 2024.
The trading volume has come down by 4.5% to about 89.5 million dollars, showing that spot traders are losing the ground. On the derivative side, the open interest is exceeding 10%, exceeding $ 73.2 million, and the total derivatives volume is slightly slipped from $ 401 million, according to the colinglass data. Traders feel that the important examination of court support is further dialing the risk below.
Egen Unlock for token pressure support
Casabint for data from token unlock, approximately 1.3 million eagen tokens, which is about $ 1.86 million, will be released in the market on 29 July. Completely thin valuation, unlock comes at a time when the price is already important near the $ 1.25 range.
Release may increase short-rim support and testing the strength of existing holders. As a decline in open interest and volume, traders may exceed the run-up for unlock.
Updates expand the reach of Eigencloud
Unlock follows two major protocol updates. Eigencloud deployed its long -stated redistributten mechanism on 22 July. This adds more flexibility to AVS design, eighth way for Tems Building with unique economic models.
Subsequently, on July 24, the protocol revealed multi-chain verification, deliberately launched. This enables AVSS to maintain ethymer-level security by confirming the state in layer 2 network. The broad role of Eigencloud in Ethereum’s (Eth) shared security scenario is developing based on this major upgradation.
Efficient technical analysis
On the daily chart, the eagen is caught between $ 1.25 and $ 1.49, with the bowlinger bands narrow, reflecting red voltality. The neutral service is shown by several important indicators. While the speed is slightly negative and the MACD recently crosses its signal line and replaces the recession, RSI is currently at 49.9, which is close to balance.
Williams %r and stochastic RSI indicate chakitai rather than a certain recurrence, not in the oversold region, but not in extergas. Moving averages are divided.
While the average of 30-, 50-, and 100-day average, a mildly rapid structure, indicates protection to support short-rim EMAS and SMAS (10- and 20-day). This shows the widespread market inaccurate.
The next support is located near $ 1.20 if $ 1.25 break. Conversely, a continuous step can open the room towards $ 1.50 last $ 1.75. For now, the presence of traders is awaited to unlock the presence in any direction.