EOS price is looking for further gains as it continues to move higher for the third session in a row. The current price action suggests the formation of a reversal pattern as it bounces off a stable support level. A resurgence in the buying pressure witnessed a 20% ascent in three days.
- EOS price foresees an uptrend after forming a double support formation.
- Investors could have more buying opportunities towards $3.20 amid the sustained buying momentum.
- The gain in the price is supported by a more than 100% rise in intraday volume at $1,259,274,545.
EOS price moves north
EOS price has been trading in a long-term downtrend after testing the record highs near 14.90 in May 2021. Since then, the EOS buyers attempted to bounce back but face strong resistance around $6.50.
After consolidating near $1.80 in March 2022, the price rallied nearly 45% to the swing highs of $3.18. But, the bulls lack the conviction to carry forward the gains. Once again EOS price has a quick retracement and forms a higher low of $2.12.
The EOS buyers find some discount buying opportunities and scaled up to the recent highs of $2.89. The above-average volume is supportive of the continuation of the uptrend. A consistent buying momentum will bring the horizontal resistance zone at $3.17 into action.
On the flip side, a daily candlestick below the psychological $2.50 will neglect the bull side theory. As in a spike in sell, orders could further drag the price toward $2.0, not far from the early March lows.
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The relative strength index (RSI) sliced the average line on April 16 and moved up sharply on the higher side. Currently, it reads at 59.
As of press time, EOS/USD trades at $2.70, up 5.70% so far with an upsurge in the daily trading volumes.
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