EOS price analysis: EOS coin rises past crucial $4.5 resistance to cement bullish momentum

TL;DR Breakdown

  • EOS coin crossed the crucial $4.5 resistance after rising 4 percent
  • Trading volume up by 2 percent, indicating a strong market
  • RSI also indicates the bullish sentiment with a strong value of 55

EOS price analysis shows a positive outlook for the EOS coin, as it crossed the 20 and 50-day Exponential Moving Averages (EMAs) to move above its crucial resistance of $4.5. The token rose around 4 percent on the intra-day trade to sit at $4.71 at the time of writing, with trading volume upping more than 2 percent. Although short-term technical indicators suggest that some correction could come into the market for EOS, the majority trend seems bullish as the coin becomes set to consolidate above $4.5. After yesterday’s dip down to $4.3, EOS recovered today to a high of $4.79 and surpass the EMAs set at $4.34.

The larger cryptocurrency market showed signs of recovery from yesterday’s dips, led by Bitcoin’s significant 6 percent rise past the $51,000 mark. Ethereum also rose 4 percent up to $3,500, whereas Altcoins were led by Dogecoin’s rise up to $0.25 after a 7 percent increment. Ripple rose 4 percent to just above $1, with Cardano rising 3 percent to $2.24. Terra became the odd Altcoin, suppressing more than 6 percent on the day’s trade.

EOS price analysis: EOS coin rises past crucial $4.5 resistance to cement bullish momentum 1
EOS price analysis: Cryptocurrency heat map. Source: Coin360

EOS/USD 24-hour chart: Promising signs as price shows a healthy RSI

On the 24-hour chart for EOS price analysis, a positive trade can be seen on the day, picking up from seller momentum at the close of yesterday’s trade. Price can be seen at a high of $4.77 from yesterday’s low of $4.32. The Relative Strength Index (RSI) value of 54.55 shows a healthy level of trader interest in the token, which coupled with increasing price and trading volume signifies classic bullish signals for EOS. Price has moved above the 20 and 50-day EMAs, with further consolidation at this point expected over the next few days.

EOS price analysis: EOS coin rises past crucial $4.5 resistance to cement bullish momentum 2
EOS price analysis: 24-hour chart. Source: Trading View

EOS/USD 4-hour chart: Breakout from Rounding Bottom Pattern

The 4-hour chart for EOS shows formation fo a Rounding Bottom pattern with its neckline at the $4.5 resistance mark. The price action that initiated yesterday proved decisive in breaking the barrier, and even with a slight decline at the end of day, EOS managed to break past resistance. The price over the next few short-term sessions will determine if the breakout is validated or not. In terms of bearish outlooks, the RSI presents an overvalued status at 62, and the Moving Average Convergence Divergence (MACD) line can be seen to have fallen below the neutral zone at 0.13.

EOS price analysis: EOS coin rises past crucial $4.5 resistance to cement bullish momentum 3
EOS price analysis: 4-hour chart. Source: Trading View

EOS price analysis: Conclusion

From technical indicators, it can be confirmed that EOS is undergoing a bullish run that has taken the coin past its resistance point at $4.5. The breakout from the rounding bottom pattern on the 4-hour chart will be validated by the price action over the next trading sessions. The general expectation is for consolidation above $4.5 for EOS, and any retestment below this point could trigger a downfall to as low as $3.8.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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