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- EOS is one of the top-performing in the overall bearish market on Wednesday’s trading session
- With an overall profit of 5.50%, EOS may target for reclaiming the crucial level of $3.00
- The EOS/BTC pair is also performing significantly positive with a gain of 6.68% bringing the current level to 0.00025002 BTC
EOS has avoided an overall bearish wave in the current market session in which all the credit must be given the fundamentally strong news that came earlier in the crypto market. The CMP is placed at $2.65 with the market cap of $2,485,223,156 and 24-hour volume traded of $5,290,054,159. The altcoin almost broke above the crucial mark of $3.00 but the resistance caused by the level gave strong reversals on Tuesday’s market session.
On the intraday price chart, an attempt made by EOS to reclaim the crucial level of $3.00 can be noticed which is followed by a reversal due to the resistance. The coin is currently holding on its positive momentum which can signify that it has the potential to make other attempts in upcoming days. One of the main aspects that matter is its sustainability on the positive momentum built and backed by strong fundamentals. Now that the target of $3.00 is set for the crypto asset any downfall below $2.50 will be a bearish signal. The EOS/BTC pair is also performing significantly positive with an overall gain of 8.56% bringing the current level to 0.007773.
Google Cloud Taking Steps to Become EOS Block Producer
Google Cloud, a global hyper-scale cloud and infrastructure provider has joined hands with the EOS community with the intent of becoming its block producer. Block one, the founding company of EOS has also taken Goldman Sachs’s veteran and former executive named R. Martin Chavez who will be leading the advisory board of the company.
Technical Indicators Surprisingly Indicates a Possible Breakdown for EOS
The technical chart reflects on the price momentum of the EOS/ETH pair. The price momentum was in consolidation before the fundamental news provided a positive boost. Looking at the technical indicators, MACD levels are still flat indicating that the altcoin might come back to its previous levels from the positive jump. CCI level also shows downtrending nature at the tip of the level after a sharp positive divergence.
Looking at the price graph of EOS/USD, the consolidation phase was positively broken by the price levels in the current market session. We can also notice the magnitude of the positive momentum. However, if the candles were showing more gradual and sustainable positive movements, the altcoin would have crossed the resistance level of $3.00. Besides, it is now again in condition for making efforts of sustaining above 0.236fib level.
MACD levels are moving confidently with a bullish crossover.
CCI levels have also reached the neutral region after touching the depth of the overbought region. The levels must remain above the neutral range otherwise can result in price pullback
RSI levels have dropped abruptly after reaching the depth of the overbought region and still showing negative momentum. The levels have dropped down to 44.45 which surely indicates that the positive momentum is slightly fading away.
Where EOS can be Headed?
After the news breakout regarding the partnership with Google Cloud, we were expecting that the altcoin must build gradual positive momentum. However, looking at the price movements in the chart, it was looking more like a pump and dump candle. This can mean that it was a short term profit opportunity but cannot be taken as a price recovery action. We might expect profit booking opportunities among investors if the price levels become rational.
RESISTANCE LEVEL: $3.00
SUPPORT LEVEL: $2.30
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
