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- EOS coin is up over 14% this week after retreating from the demand zone.
- EOS holders are approaching the 200 EMA line after holding costs above the 20,50 and 100 EMAs.
- EOS traders recorded an increase of almost 94% in trading volume compared to the previous night.
EOS token price action is showing a bullish rally after retreating from the demand zone (green) and has recovered around 14% this week. However, this week has seen a strong opening for the EOS cryptocurrency, with buyers bidding aggressively for the asset. Even though EOS coin has been performing poorly since its 52-week peak, a slight further rally could bring positive gains.
EOS coin price action provides high-low formation after a long run during April’s bounce. Thus, buyers barely manage crypto above the demand zone; Therefore, the $2.0 mark stood as a defending point for the bulls.
At the time of writing, the EOS token was trading at $2.76, up 6.4% over the past 24 hours, as stated by CMC. The bears are looking weak in the intraday session, after managing costs above the 100 EMA. Meanwhile, the price of the Bitcoin and EOS pair is up 5.1% at 0.00006492 satoshis.
The daily price chart of EOS is moving towards the 200 EMA (White) during the rally. The bears sold the cryptocurrency near the 200 EMA, so now the bulls need to break this bullish barrier with a lot of volume. However, EOS traders recorded an increase of almost 94% in trading volume compared to the previous night.
RSI is headed towards the overbought area
The daily RSI is suggesting a higher and higher low above the 50-mark. At that time, the RSI peak at 60-mark was moving towards the overbought territory. Meanwhile, the MACD indicator is again in the positive zone after touching below the neutral level.
Conclusion
There is no doubt that EOS is in the solid bullish territory after retesting the demand zone. But $3.0 is seen as a bullish barrier where the 200 EMA is present, so bulls will need to push the asset above $3.0 for further moves.
Support level – $1.80 and $1.5
Resistance level – $3.0 and $5.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
