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. The following EOS technical analysis will predict the price momentum for the next few days:
In the last 30 days, it has shown volatility in the price, it has traded between the low of $3.60 and touched a high of $14.88. Although, its all-time high is at $22.89.
In 24 hours, the EOS price has increased by 7.58% indicating that there was some buying pressure in the market. At the time of press, it is trading at $5.90.
The MACD line has entered the negative zone in the past trading session, which indicates a short position from this level. If the buying pressure is continued, then we can see the MACD line cross the signal line and enter the positive zone.
The Relative Strength Index is currently below the equilibrium, this means that the sellers are dominating. Although, in the last 24 hours, we have seen quite an increase in the volume. Thus, a trend reversal can be seen if the buying pressure continues.
If the EOS price breaks down from the support band of $5.5502, then you can short the position keeping a target of $4.4700 and stop-loss at $6.57.
There has been strong buying pressure in the market in the last 24 hours due to which the price broke the 23.5% Fibonacci resistance of $5.5502 and is currently trading near to that level. It has highlighted the next resistance, which is at $5.99. Traders can take a long position after a breakout from this level, keeping a stop loss at $5.818 and target up to $6.44.