EOS Price Analysis: EOS Volume Exceeds 15% Of The Market Cap

EOS bulls are ready to make a new high
  • EOS price is currently in a parallel channel with a gain of 9.84% in the 24-hour time frame. Meanwhile, the EOS/BTC pair sees a positive momentum with an increase of 1.28%.
  • EOS Network is built for developers to create Dapps with ease. In contrast, it has seen a gain of more than 158% from the start of the year.
Source:Trading view

EOS price is currently at $6.62 with a gain of 9.89%.EOS price has seen a gain of more than 158% from the start of this year.EOS price has seen a significant gain since the last month.It is currently travelling above 50 and 100 MA.The 50MA is currently at $4.35 making it a temporary support.

After the loss of its largest Defi project Effect Network to Binance,EOS seen a great comeback.It is now coming with a greater force to mark its presence in Defi.

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EOS is currently ranked 23rd , with a market capitalization of $6,741,566,546.The volume ($$6,741,566,546) of the coin has  increased by 19% in the 24-hour time frame. The volume to Market capitalization ratio for the coin is 1.15.It depicts a bullish scenario for the coin.

Technical Indicators Projects A Bullish Trend For EOS Price

Source:Trading view

The weekly technical chart for EOS showcases a bullish momentum.EOS shows signs of bullish momentum on coming to the daily chart. The coin’s resistance on the upside will be at $8, and on the downside, it will see a bounce back from $6. EOS price is currently inside a parallel channel on the 4 hour chart. If the price breaks 10% above the channel, then a strong bullish momentum up to the point of $8 can be seen.EOS/BTC pair is also on the verge to break the previous resistance and climb to a new high.

RSI(Bearish): It is currently trailing at 70.84, showcasing its presence in the overbought zone. There is positive slope formation in RSI, which suggests bullish momentum. The overall sentiment of the RSI is bullish.

Conclusion

EOS price projects an uptrend for upcoming months.EOS dapps has revolutnized the current market and can see a further growth. The EOS/BTC pair can also see a bullish move. An Investor should do their due diligence before investing.

Technical Levels

Major Support:$6

Major Resistance:$8

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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