Eos Analysis

EOS Continues to hold strongly above $3.60 as the market gears up again to break above $4.00. The market has now seen a small 1.20% price increase over the past 24 hours of trading bringing the current coin price up to $3.60. The cryptocurrency has now seen a 33% price hike over the past 30 days with a further 84% price surge over the past 90 days.

Where Is EOS ranked?

EOS is now ranked in 5th position as it currently holds a $3.32 billion market cap valuation. The 20 month old project is trading at a value that is 82% lower than its all time high price.

Let us take a look at the EOS/USD market and highlight some potentail areas of support and resistnace moving forward.

EOS Price Analysis

EOS/USD

EOS/USD – MEDIUM TERM – DAILY CHART

EOS Price Analysis
https://www.tradingview.com/x/Vs41xGQM/

What has happened since our last analysis?

Since our last EOS/USD analysis, we can see that the market had managed to break above the resistance around the $3.70 area but failed to break higher above the $3.90 level. Price action is now trading at the support provided by the short term .382 Fibonacci Retracement level priced at $3.63.

What is the current short term trend?

The current trend of the market is presently neutral. For this market to be considered bullish, we would need to see price action break above the resistance at $4.50. If EOS/USD was to fall underneath $3.25 then the market would be rendered as bearish.

Where are we likely to from here?

IF the buyers can muster up the momentum to break above the resistance at $3.90 we can expect immediate higher resistance above to be located at $4.00. Above $4.00 we can expect more resistance to be located at the bearish .618 Fibonacci Retracement level (drawn in red) priced at $4.20 followed with resistance at $4.82. This is then immediately followed with resistance at the bearish .786 Fibonacci Retracement level (drawn in red) priced at $4.93.

If the bulls can continue to climb above $5.00, higher resistance is then located at the short term 1.272 and 1.414 Fibonacci Extension levels (drawn in yellow) priced at $5.16 and $5.50, respectively.

What if the bears regain control?

Alternatively, if the sellers regroup and begin to push the market beneath the support at $3.63, we can expect immediate further support beneath to be located at the short term .5 Fibonacci Retracement level (drawn in blue) priced at $3.35. This support is further bolstered by the 100 day moving average which hovers at the same level.

Support beneath $3.35 can be expected at the .618 Fibonacci Retracement level (drawn in blue) priced at $3.08.

What are the technical indicators showing?

The RSI is currently trading along the 50 level which shows indecision within the market. If we would like to see EOS rise and break above the $4.00 level, we would need to see the RSI rise up away from the 50 level.

Price action is also trading above the 100 day moving average which is a bullish sign for EOS.

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