EOS.IO is a blockchain-based platform for the development of decentralized apps and smart contracts. It aims to improve transaction processing speeds and reduce transaction costs. It has incredible scalability and is compatible with mission-critical applications. EOS is the customized token of this ecosystem. Let us look at the technical analysis:
On Jun 19, 2021, EOS opened at $4.57. On Jun 25, 2021, EOS closed at $3.55. Thus, in the past week, the EOS price has decreased by roughly 22%. In the last 24 hours, EOS has traded between $3.51 - $3.98.
Currently, EOS is trading at $3.59. The price has increased from the day’s opening price of $3.55. Thus, the market seems bullish.
The MACD and signal lines are turning positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is becoming bullish. Hence, we can expect the price to rise further.
Currently, the RSI indicator is at 66%. It faced rejection at 55% and rose to the current level. However, buying pressures are high. High buying activity will exert upward pressure on the EOS price.
Moreover, the OBV indicator is also rising steadily. Thus, buying volumes are higher than selling volumes. High buying activity will push the price further up. In short, all three oscillators have given bullish signals.
Currently, the price is above the first Fibonacci pivot support level of $3.50. It may soon rise above the Fibonacci pivot point of $3.68. If the bulls remain strong till day close, the price is likely to surpass the first, second, and third resistance levels of $3.86, $3.97, and $4.15, respectively.
The price has gone past the 24-hour low of $3.51. It may soon break out of the 76.4% and 61.8% FIB retracement levels of $3.62 and $3.69, respectively. Thus, as of now, the bullish trend looks strong enough to sustain till tomorrow.