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- EOS kicked off Wednesday’s intraday session by bouncing from a low of $4.83 to a high of $6
- The EOS/BTC pair is currently trailing at 0.0001245 with a gain of 11.04% at press time
- The current price of EOS is $5.25 established on the back of a 5.18% increase in the last 24 hours
EOS is a non-mineable token that is presently priced at $5.25 and has a market capitalization of 5,009,465,028 which puts it in 24th place in the Global Cryptocurrency rating. According to coinmarketcap.com, EOS trading volume for the past 24 hours is $3,892,687,506, which constitutes an increase of 7.10% from the previous day.
The daily chart of EOS dictates an inconclusive trend on account of the price action attempting to retrace its previous gains after a major correction. The bloodshed momentum was a consequence of the Elliot wave chart pattern, which assisted EOS in establishing a yearly high of $15.23 on May 12th. It appears that the correction wave has now been settled and EOS bulls can anticipate a fresh rally.
As per pivot points, EOS is facing a collision at the resistance of $6.63, which is a major barrier to tackle before it heads for another impulsive rally.
EOS needs to steer clear of the 100 EMA (green), which is currently serving as a temporary resistance to the token. A decisive close below the 100 EMA would enable the 20 and 50 EMA to undergo a bearish crossover.
Granting the fact that the daily Stochastic RSI has transpired a bullish crossover, it’s objectionable to rule down the possibility of a bearish head and shoulder pattern. In such an event, the next support cushion of $2.02 will be disclosed.
EOS 4-hour chart is displaying hidden bearish divergence
The 4-hour chart of EOS forecasts a bearish trend owing to the fact that the price action has teamed up with the RSI oscillator to devise hidden bearish divergence.
However, a move above the bearish 0.032 FIB will invalidate the bearish outlook.
The Crypto Volatility Index (CVIX) is currently flashing 81, which means that traders must brace themselves for significant price fluctuations in the upcoming days.
Majority of the technical indicators are displaying a sell signal as evidenced by the moving averages which are hovering above the trend.
The MACD (slightly bearish) is demonstrating a potential bearish trend as exhibited by the diminishing histogram at press time.
The RSI (neutral) is levitating in the equilibrium range after Sunday’s massive sell-off.
Block.one to launch EOS-based crypto exchange: Bullish Global
Block.one has announced that they are all set to launch a new blockchain-based cryptocurrency exchange called Bullish Global. Falling the Bullish exchange launch news, EOS price witnessed a significant bull rally.
Bullish will utilize EOSIO and EOS Public Blockchain to produce a cryptographically validated, provable, and immutable audit trail of all transactions processed on the Bullish platform.
The success of this launch could revitalize EOS since its reputation was damaged by its 2018 ICO and act as a catalyst in assisting EOS to revisit its 2018 gains. To learn more about it, Tap here
SUPPORT : $3.82, $2.02
RESISTANCE : $6.63, $7.88
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
