EOS price chart shows a consolidation phase. It has been hovering in a range between $0.5280- $0.6000 for the past few sessions. The recovery didn’t bloom into a bullish spell, the token is still in the range.
However, the trend is still not clear as mixed cues were noted. Despite the recovery, volume based buying was still not spotted which led to price consolidation.
The price action showed that, EOS was trading in a downtrend and is above the 20 day EMA mark, but is yet to cross the meaningful cluster of the $0.6800 mark.
Until the significant barrier is crossed, EOS will continue to hover around the 100 day EMA mark and will remain in a downtrend. Once it escapes the aforementioned cluster, it will enter a sharp uptrend and could go toward $0.7000 mark soon.
It was trading in a closed range and is on the brink of registering a range breakout. However, the volume participation was below average which was a concern for the bulls.
At press time, EOS was trading at $0.598 with an intraday gain of 2.30% showing neutral sentiments. It was ranked at 88 and has a market cap of $876.58 Million.
EOS Capped in Range: Can EOS Bulls Succeed In Breaking Out?
Throughout the week, EOS token formed multiple doji candlesticks and capped in a closed range. Amidst the bulls’ efforts, sellers secured a strong grip, preventing the bulls from breaking out of the cluster around $0.6000.
Its technical structure showed that EOS has accumulated from the bottom and witnessed a decent recovery from the lower region of $0.4600. Afterward, it failed to attain momentum and was stuck in a closed range.
@ero_crypto in his tweet said that EOS has given a reversal on a higher time frame, but a confirmation was pending.
The Relative Strength Index (RSI) curve gives a bullish outlook. It was at 55 as it reached the overbought zone in a positive crossover.
Per the Fib levels, the EOS was still below the 38.2% cluster and is in the bearish trajectory. Any significant pullback above the $0.6600 mark would switch the trend and the token may sprint upside ahead.
Social Dominance and Weighted Sentiment Insights
Amidst the price consolidation, the weighted sentiment data stayed below the midline region. It’s giving a negative outlook, indicating bearish investor sentiments.
However, the social dominance curve showed a spike and approached to 0.111%, highlighting a meaningful surge in the online discussion and media buzz for EOS.
Total Liquidations Chart
At press time, the token’s short liquidations were noted at $14.4k, whereas the long liquidations were noted at $268.90k.
This implies that buyers were in trouble as sellers gained traction. This might cause an imbalance in the price behaviour and significant profit booking could be seen ahead.
Futures Open Interest Data
Following the price rise of over 2.30%, the Futures Open Interest data surged over 3.20% to $77.80 Million, signifying long addition in the last 24 hours.
If EOS fails to hold the gains and dips, it may fall toward the immediate support zone of $0.5300, followed by $0.5000. Conversely, if the token obtains momentum and breaks out, it may retest the upward zones of $0.6200 followed by $0.6500 ahead.
EOS paused after gaining. It means that buyers are attempting to breach the range shortly and might succeed in it soon.
