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•EOS/USD is currently priced at $1.68 and has decreased by 1.70% over the past day
•The trading volumes have decreased by 27.43% over the past day
•The technical indicators suggest a positive outlook for the near term
Short-Term View: Will the EOS price succumb to the selling pressure?
The EOS price today is $1.68 USD with a 24-hour trading volume of $629,310,159 USD. EOS is down 1.70% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.3741 for the altcoin.
EOS price analysis shows the presence of bears in the market at the current price levels as the EOS price is currently transacting above the 20 SMA but below the 50 SMA on the four-hour chart, suggesting indecision on the part of investors. However, the momentum is still on the bullish side which can be confirmed from the 4-hour price chart, where the green candlesticks appear, indicating a rise in coin value. The resumption of the uptrend could help the EOS bulls scale the resistance level placed at $2 which would go a long way towards nullifying the selling pressure. On the flip side, the bears will be looking to make a splash in the market and sink the EOS price below the $1.50 support level, which would signal a trend reversal.
Long Term View for EOS
EOS has come under the bearish influence over the past couple of days, as the RSI has slumped to 62.90. However, a minor positive in favor of the buyers is that the RSI has formed a positive divergence. This indicates that the bearish momentum may be weakening. The MACD indicator, on the other hand, shows that the green histograms have reduced in size. However, the trend still remains bullish at large as the MACD and signal lines are transacting in the positive territory, with a considerable gap between the two evident on the daily chart.
Conclusion
EOS price analysis suggests that the cryptocurrency will follow a strong upwards trend with much more room for bullish activity. Hence, we can expect the the altcoin to continue going from strength to strength in the days ahead.
Support: $1.60-$1.50
Resistance: $1.80-$2
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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
