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<p>Launched on 01st October, its native token “EIGEN” is a universal intersubjective “work token” designed for EigenLayer. It enables security for various digital tasks that are not just limited to objectively verifiable but also socially referable.</p>  
<p>Unlike traditional work tokens that are tied to one specific digital task or objective faults, EIGEN addresses a broader category of faults where multiple external observers agree on whether the task was performed correctly.</p>  
<h2 class="wp-block-heading" id="h-eigen-crypto-price-action">EIGEN Crypto Price Action:</h2>  
<p>The Eigen Layer price has jumped ~4% in the past 24 hours. Moreover, with a circulating supply of 186,582,000 EIGEN tokens and a market cap of $666.40 million, it has secured the 98th position in the crypto space. Further, it is currently trading at a discount of ~21% from its ATH.</p>  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/08233814/image-96-1024x537.png" alt="Eigen Oct 8 price analysis" class="wp-image-362398">
</figure>  
<p>Notably, it expands the range of tasks that can be securely managed on a blockchain. The primary application of the EIGEN token is staking for social faults on its platform, performing validation tasks across various AVS, and incentivizing and penalizing operators performance-based.</p>  
<h2 class="wp-block-heading" id="h-eigen-layer-technical-sentiments">Eigen Layer Technical Sentiments:</h2>  
<p>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.</p>  
<p>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.</p>  
<h2 class="wp-block-heading" id="h-is-eigen-price-a-good-buy">Is EIGEN Price A Good Buy?</h2>  
<p>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.</p>  
<p>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.</p>  
<p>Interested in the future price projections of the ETH token? Read our <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Price Prediction</a> to decode the same!</p>

Eigen Layer Price Prediction: Is It The Right Time To Stack EIGEN?

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