EOS Technical Analysis: Expect Price to Stay Near Resistance of $5.518, Above the Pivot Point of $5.4

Ankita  |  Aug 23, 2021

The EOS platform is designed to allow developers to build decentralized apps. The project's goal is to make blockchain technology as accessible as possible to programmers — and ensure that the network is easier to use than its competitors. As a result, tools and educational resources are provided to support developers who are looking to build functional apps quickly.

Benexplus is a cryptocurrency derivatives trading platform that supports futures trading for cryptocurrencies. Moreover, it has announced on 21st August that it will offer a 100% deposit bonus for certain cryptocurrencies, including EOS. Making it more attractive. Let us look at the technical analysis of EOS.

Past Performance

The current price of EOS is $5.51, in the last 24 hours, the price change is +3.24%and the volume traded is $1,282,699,981 with a change of -23.00%. In the last month, the EOS has traded between $3.55-$5.92.

TradingView Chart

EOS Technical Analysis

Currently, the RSI is at 65.32%. After taking support at 61.49%, it has started pushing upwards on the daily chart. Suggesting that the buying pressures are high and is overtaking the market. Thus, we can expect the price to rise for a while.

MACD and EMA lines are above the zero range, thus indicating a positive market. Moreover, MACD and EMA lines are closely rallying, we might expect a crossover soon, the MACD line is slightly above the EMA.

On the daily chart, the OBV after a slight dip is pushing upwards, suggesting that the investors are slowly gaining interest.

Day-Ahead and Tomorrow

The EOS price is above the pivot point of $5.4, which is close to Resistance level 1 of $5.518. Thus, after looking at the indicators, we can expect the price to test this resistance level. The traders are suggested to wait and watch the market as there is a trend of unpredictability, if the price breaks this level traders can go long. The resistance level 2 is formed at $5.59. Therefore, traders can long if the price manages to break the price level.

However, the price will immediately try to take support at $5.28 and might bounce back.

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