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- The EOS coin attempted to swing higher this week, recording a 14-week high at $1.83.
- The bears turned aggressive near the 200-day moving average on the daily price scale.
- The market cap of EOS is green at 6.4% which is recorded at USD 1.3 billion.
While the crypto market is in a corrective phase, EOS is showing somewhat bullish sentiment. Due to considerable purchasing interest, the EOS coin reached a monthly high this week. Due to certain negative occurrences, the cryptocurrency saw a modest drop, with bears once again keeping the price below the $1.6 barrier level.
However, the EOS token remains in the green zone by more than 7.5% on the weekly price scale. The bulls are witnessing a bullish weekend in line with the previous weekly close. Meanwhile, the coin is trading at the $1.4 mark at the time of writing against USDT.
The bears just liquidated the EOS currency around the 200-day moving average. Trading volume, however, surged by 33% from $530 million previous night. This week, the cryptocurrency saw its most volatile session in the previous 60 days.
Price action is now moving above the upward trend line (blue), which is an important hedge area for the bulls for the short-term window. Meanwhile, the market cap of EOS crypto is 6.4% at USD 1.3 billion. Furthermore, the EOS coin is up 7.4% with the bitcoin pair at 0.0000656 satoshis.
RSI Gives Strong Positive Indications
In terms of the daily basis chart, the RSI indicator has taken support on the semi-line twice in the last 45 days. The RSI is suggesting that buyers are now weak and they may soon hold the asset above the $1.6-resistance level. Besides, the MACD indicator continues to move higher in the positive zone.
Conclusion
The EOS coin is trading higher between the support trend line or the $1.6 resistance area. The RSI indicator is looking strong for bullish momentum as it takes support at the 50-mark. If buyers manage the $1.6 resistance level, they may retest $2.0 soon.
Support level – $1.2 and $1.0
Resistance level – $1.6 and $2.0
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
