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EOS price analysis: EOS eyeing a 9 percent rise after rediscovering bullish momentum


TL;DR Breakdown

  • EOS price up to $4.65 on intra-day trade to continue upward trend with a 3 percent rise
  • Trading volume also up more than 31 percent to indicate bullish strength
  • Price expected to rise further up to 9 percent and test resistance at $4.89

EOS price analysis for the day shows a continuation of upward trend for the token. Price has risen from $4.27 on Wednesday to a high of $4.73, recording an increment of almost 11 percent. Trading volume also continues to rise, upping over 31 percent. Price is expected to test resistance at $4.89 in the current trend, after crossing its simple moving average (SMA) lines. The projected developments can be backed over the 24-hour Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD).

The larger cryptocurrency market showed remarkable ascends, led by Bitcoin’s rise past $61,500 after a bullish consolidation. Ethereum remains in touching distance of the $4,000 mark, with a 4 percent rise. Among Altcoins, Ripple and Cardano upped 3 percent each, at $1.15 and $2.22, respectively. Polkadot made a remarkable rise of over 9 percent to sit at $43.3.

EOS price analysis: EOS eyeing a 9 percent rise after rediscovering bullish momentum 1
EOS price analysis: Cryptocurrency heat map. Source: Coin360

EOS/USD 24-hour chart: Price rises past 20-day EMA with strong RSI

On the 24-hour chart, EOS price can be seen pulling above its 20-day exponential moving average (EMA) at $4.61. The 24-hour RSI also shows a strong value of 53. Price sits between the upper and middle Bollinger bands’ curves, confirming that a positive trend is likely to continue on the daily chart for EOS. From this point, the token can accumulate momentum to build up to $4.8, where the 9 percent expected increment will be tested. Buyers look set to continue coming into the market, as the 50-day SMA looks set to be the next target for EOS.

EOS price analysis: EOS eyeing a 9 percent rise after rediscovering bullish momentum 2
EOS price analysis: 24-hour chart. Source: Trading View

EOS/USD 4-hour chart: MACD lines up a bullish crossover

The bullish trend can be verified on the short-term chart as well for EOS price analysis, as price recovers from a minor decline over the previous trading session. The MACD line crossed the neutral zone at 0.00 in the recent session, suggesting that the platform is ripe for buyers to come in. The 4-hour RSI sits at 54.81, showing a strong market valuation of the coin. Over the next short-term trade sessions, EOS price will look to consolidate at the current price before emerging strongly as buyers accumulate momentum.

EOS price analysis: EOS eyeing a 9 percent rise after rediscovering bullish momentum 3
EOS price analysis: 24-hour chart. Source: Trading View

EOS price analysis: Conclusion

According to technical indicators, EOS price is set to pursue the $4.89 resistance over the current trend. The daily and hourly RSI values exhibit a strong valuation for the token, as it targets the 50-day SMA. Once buyers put together a sustained push towards the current resistance, price could go as high as $5.07 in the current trend. However, any movement downward could break momentum and initiate a reversal.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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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