EOS Technical Analysis: Momentum Seeing Built Up for Price Rise

Ankita  |  Jul 12, 2021

EOS is a platform that allows developers to build decentralized apps (DApps). It aims to make blockchain technology simple and available to all. The tools are provided to the developers to assist them in making DApps. Let us look at the technical analysis of EOS.

Past Performance

On July 5, 2021, EOS opened at $4.06. On July 11, 2021, EOS closed at $4.07. Thus, in the past week, the EOS price has not changed much. However, in the last 24 hours, EOS has traded between $3.87 - $4.37. Thus, we can see some momentum is being built up.

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Day Ahead And Tomorrow

Currently, EOS is trading at $4.30. The price has increased by approximately 13%, from yesterday’s closing price. Thus, the overall market looks bullish for the day.

Moreover, we witness a bullish crossover by the signal line over the MACD line on the daily chart. But, since the lines are closer to the zero range, a trend reversal might happen. However, being a lagging indicator, we will have to wait for it to happen. Until then, the price may rise for the rest of the day.

Currently, the RSI indicator is at 50.12%. It has formed a bullish divergence and has rallied from the mark of 44%. Thus, we can see buyers dominating over the sellers. It has broken a month-long resistance at 49%, therefore, we can see a rise in the price till the retest happens.

In short, when we look at both oscillators, we can say that the price may continue to rise for the rest of the day. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

EOS Price Analysis

Currently, EOS is trading at the Fibonacci pivot point of $4.30. And, if the bears take control till day end, then the price is likely to fall below the first, second, and third support levels of $3.74, $3.45, and $3.03, respectively. However, as per the indicators, this is unlikely.

On the other hand, if the price breaks the FIB retracement level of $4.47, which has acted as a long-term resistance. The price will highlight the next resistance level at $5.39. Traders can go long from this position.

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