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EOS Price Analysis: EOS briefly spikes to $5.10 but finds rejection

Avalanche price analysis

TL;DR Breakdown

  • EOS price analysis is bullish on today’s chart.
  • EOS/USD got rejected at $5.10
  • EOS is rejecting further downside at $4.574

EOS is trading bullishly on our 24-hour EOS price analysis following a sharp increase to the $5.10 mark, where the bulls were rejected and pulled back to $4.856. Therefore, we are anticipating that buyers will regain momentum and rally against rejection in the course of the day.

EOS Price Analysis: EOS briefly spikes to $5.10 but finds rejection 1
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market is trading in the bullish region with market leaders BTC and ETH both gaining around 1 percent. Cardano is the best performer of the day with a 24-hour positive change of 12 percent. We are expecting the general cryptocurrency market to post further gains in the course of the upcoming week. 

EOS price movement in the last 24 hours: EOS dashes to higher daily high

EOS/USD traded in a range of $4.574 – $5.080, indicating low volatility over the last 24 hours. Trading volume has decreased by 18 percent and totals $1.23 billion. Meanwhile, the total market capitalization trades around $4.651 billion, ranking the coin 34th place overall.

EOS/USD 4-hour chart: EOS to rally overnight?

On the 4-hour EOS price analysis chart, we can see the EOS price rejecting further downside as bulls prepare for another rally higher.

EOS Price Analysis: EOS briefly spikes to $5.10 but finds rejection 2EOS/USD 4-hour chart. Source: TradingView

EOS price action traded with strong volatility over the past week. After a rally to the $31 mark, EOS/USD could not reach further upside and retraced to $28.5. 

From there, a lower high was set around $4.70, with a strong decline over the following days. EOS/USD lost more than 30 percent from there until support was found at $4.00. Rejection for further downside was seen over the following days, with EOS moving to the $4.50 mark.

EOS Price Analysis: Conclusion 

EOS price analysis is bullish for the next 24 hours as the market retested the previous low and currently prepares to rally higher again. As long as the previous low holds, we expect EOS/USD to move above the $5.08 current high and see further upside over the weekend. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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