TL; DR Breakdown
- EOS opened the daily price analysis chart while the sellers were in control of the market.
- In the early trading hours, the cryptocurrency market was generally bearish.
- The largest digital asset BTC is trading on a bearish trend.
EOS price analysis: General price overview
EOS opened the daily price analysis chart as the sellers were in control of the market. The bear trend lasted for a few minutes. Buyers came into the market, causing a solid resistance setting the price to a rising momentum as per EOS price analysis.
The bulls pushed the price of EOS/USD to an intraday high of $5.1 in a head and shoulder pattern. The bears could not watch the bulls continue dominating the market, so they gathered in large numbers to curb the bullish momentum. More sellers came into the market, making the price of the coins drop in an inverted triangle trend.
The Bollinger bands were wide during the early trading hours on the EOS/USD daily price analysis chart. This suggests that the market was moderately volatile. The coin’s price seemed to approach the lower Bollinger band signaling a bearish.
On the one-hour price analysis chart, the Bollinger bands are narrow, signaling low volatility and the EOS/USD price seems approaching the upper Bollinger band. This suggests a possible bullish trend in a few hours.
EOS price movement in the last 24 hours: EOS consolidating for a rally
In the early trading hours, the cryptocurrency market was generally bearish. However, towards the closure of the daily price analysis, most of the cryptocurrencies are trading in bullish momentum, as the heatmap below suggest.
The largest digital asset BTC is trading on a bearish trend. Bitcoin is currently trading at $48.7K, which is a deviation of -0.03 percent. The all-time closest Bitcoin’s competitor Ether is trading with a positive trend. The price of ETH has recorded a 3 percent increment, and it is currently trading at $3.3K.
THR leads the losing side with a 20 percent deviation, while FTM tops the list of the daily cryptocurrency gainers with a 48 percent increase. EOS trades in bearishly, recording a loss of 1.2 percent, setting EOS/USD price to $5.01.
EOS/USD price action: Bulls are ready to cut short bearish momentum
There are many red candlesticks on the daily EOS price analysis chart compared to the green ones, which suggests that the market has been trading in a bearish trend.
EOS/USD traded between a daily range of $4.7 – $5-1 in the last 24 hours. EOS trading volume has seen an increment of 6 percent and is currently at $1.5 billion. EOS is ranked at number #32.
4-hour EOS price analysis chart: Bullish signals on the rise
On our 1-hour EOS price analysis chart, the RSI is leaning above 50, and it seems to be going towards the overbought region, signaling a possible bullish run. The Balance of Power indicator also suggests a similar trend. The Balance of Power is slightly below -1, meaning the buyers have taken charge of the market and are set to push the prices upwards.
EOS price analysis: Conclusion
Most of the technical indicators suggest that buyers could come in to stop the bear trend that has prevailed in today’s price analysis chart. If more buyers come into the market, the price of EOS/USD could surge to $6.
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