EOS Price Analysis: Refreshes Monthly Highs Above $1.65; What’s Next?

EOS Blockchain

Published 32 mins ago

The EOS price analysis turns explosive today as zoomed 15% on Wednesday. The coin opened flat but scaled up exponentially and refreshes the three-month highs. From the technical perspective, EOS’s price eyes an extended bull trend in the short term.

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EOS has been building up a strong upside momentum lately and adding new participants with every discounted opportunity in the market. As of press time, EOS/USD is trading at $1.65, up 15% for the day.

According to CoinMarketCap data, the 24-hour trading volume shoots up more than 300% at %1,038,070,118. A sharp rise in price with exponential growth in volumes is a strong bullish sign.

  • EOS price rose sharply above $1.60 extending two sessions’ gains.
  • In the last few hours, the price retraced sharply but remain above $1.50.
  • A daily candlestick below $1.45 would invalidate the bullish thesis.

EOS price turns north

EOSUSD daily
Source: Trading view

On the daily chart, the EOS price analysis indicates the continuation of the upside momentum.

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EOS price today gave a breakout of an inverted “ Head & Shoulder” pattern. The neckline level of the pattern pierced at $1.4158. The volumes remained above the average, indicating strength. According to this pattern, if the price closes above $1.4456, today on a closing basis, then we can expect a good move of up to $1.70.

Whereas, there is an immediate hurdle of resistance at $1.57, which is 50% of the big bearish candle formed on May 11. If that level breaks above and closes above that level, then we can expect a good momentum of $2.

On the other hand, a spike in sell order could result in retesting of the session’s low.

The RSI (14) is trading above 65, implying a caution of the current move. The volumes were declining with every move on the higher side, and this breakout of a new pattern with more than average volumes coming up doesn’t add up any buying pressure. 

1-hour chart indicates some retracement before the next big move

EOSUSD Hourly
Source: Trading view

EOS on the hourly chart gave an impulse move of 33% from $1.244 to $1.66 in the previous session and retraced in the last few hours. There is a probability that the price might take a pause between 50% to 61.8% level i.e. between $1.40 to $1.45. 

Also read: http://Why Retail Players In Crypto Continue to Be Hesitant Despite Strong Institutional Backing?

The nearest resistance is at $1.66, whereas the nearest support is at $1.40. There is a higher probability of the price closing above the resistance level. Buy on dip 0pportunity is the best trading strategy to play with this price-taking retracement.

On the other hand, a break below the $1.40 level could invalidate the bullish outlook on the hourly scale

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EOS is slightly bullish on all time frames. Above  $1.66, we can put a trade on the buy side. 

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Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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