EOS Price Analysis: EOS Surges 6.5% In A Day But Can Bulls Maintain Momentum?

EOS increased with around 18% over the previous week. The cryptocurrency has seen a further 6.57% price hike over the past 24 hours which allowed the price to climb toward the $3.90 level. This latest surge now makes EOS the strongest performing cryptocurrency out of the top 10 cryptocurrencies for the past 24 hours.

EOS remains the seventh biggest cryptocurrency with a market cap of $3.63 billion.

Looking at the EOS/USD 1-Day Chart:

  • Over the past 3 months, EOS decreased by more than 50%, dropping from above $7.50 to a low of $3.20. The support at $3.20 was strong and this allowed it to rebound higher to where it currently trades at $3.88. 
  • From above: The nearest level of resistance lies directly at $3.88. Above this, resistance is at $4.00, $4.23, $4.45 (100-days EMA), $4.70 (200-days EMA), $4.86, and $5.00. If the bulls can break above $5.00, resistance is expected at $5.37, $5.50, $5.84, and $6.00.
  • From below: The nearest level of support lies at $3.50. Beneath this, support is expected at $3.20, $3.00, $2.65, $2.50, and $2.16.
  • The trading volume remains low but is gradually increasing.
  • The RSI has recently surged above the 50 level which is a strong signal that the bulls have taken control of the market momentum. However, the Stochastic RSI is quickly approaching overbought conditions which could result in a small retracement lower if a bearish crossover signal is seen.

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Looking at the EOS/BTC 1-Day Chart: 

  • Against Bitcoin, EOS has also been suffering heavily, like almost all other altcoins. EOS has recently managed to rebound at the support at 0.00305 BTC and has climbed higher to where it currently trades at 0.0003739 BTC.
  • From above: The nearest level of resistance lies at 0.00038 BTC. Above this, higher resistance is found at 0.00040 BTC, 0.000405 BTC, 0.0004327 BTC, 0.00045 BTC, and 0.00047 BTC. The resistance at 0.00047 BTC is bolstered by the 100-days EMA.
  • From below: The nearest level of support lies at 0.00035 BTC. Beneath this, support can be found at 0.0003325 BTC, 0.00030 BTC, and 0.0002676 BTC.
  • The trading volume is showing some strong signs of increasing.
  • The RSI has also surged above the 50 level which shows that the bulls are in complete control over the market momentum right now.

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Source

The post EOS Price Analysis: EOS Surges 6.5% In A Day But Can Bulls Maintain Momentum? appeared first on Bitcoins Channel.

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