EOS Price Rallied By 10%, Coin To Retest $2?
22 Agosto 2022 - 8:00PM
NEWSBTC
EOS price has propelled by 10% and now is one of the top gainers
over the 24 hours. This has pushed the coin quite close to its next
price resistance. The bulls were back on the 24 hour chart and that
depicted positive price action for the coin. Despite Bitcoin
falling on the chart and other major altcoins moving south EOS
noted a considerable surge in price. EOS price also depicts a broad
wedge pattern, this pattern is often tied to exhaustion of a trend.
In this case, EOS price was reversing its previous bearish price
momentum. Technical outlook on the chart pointed towards bullish
price action gaining strength. Buying strength on the 24 hour chart
were substantially high. In case buying strength holds its ground,
a move to the immediate resistance becomes easy for the altcoin.
Price of EOS needs to trade above its current price action for the
coin to move and witness another possible rally. EOS Price
Analysis: One Day Chart The altcoin was trading at $1.70 at the
time of writing. It secured double digit gains over the last 24
hours as the bulls surfaced. The coin has also formed a broad wedge
pattern which meant that EOS’s previous bearish price thesis would
be discontinued. The overhead resistance for the coin stood at
$1.90 and a move above that level will push EOS to $2. In case the
sellers resurface in the market, the local support level for the
coin awaited at $0.90. The amount of EOS traded over the last
trading session increased as depicted by the green bar indicating
that buying strength also mounted. Technical Analysis The bullish
momentum flashed increase in demand for the coin. The technical
indicator also reflected the increase in buying strength. The
Relative Strength Index was positive as it was seen above the
half-line denoting that EOS price was bullish. RSI was hovering
near the oversold zone and with an increase in demand, the coin
would be overbought. Price of the altcoin was above the 20-SMA line
which meant that buyers were driving the price momentum in the
market. EOS was also above the 50-SMA which was a sign of
bullishness. Related Reading: Bitcoin Price Witnesses Sharp
Sell-Off – Further Volatility On Chart? Increase in price and
demand made EOS display buy signal on its technical indicator.
Moving Average Convergence Divergence indicate the price momentum
and reversal in the same. MACD underwent the bullish crossover and
displayed green histograms which were essentially buy signal for
the coin. Directional Movement Index portray the price direction.
DMI was positive as +DI was above the -DI line. Average Directional
Index (red) was nearing the 40-mark, this indicated that the
current price momentum was gaining strength. This also could be a
sign of continued bullishness over the immediate trading sessions.
Related Reading: Bitcoin Corrects 17%, But Market Expects Fresh
Rally Report Says Featured image from Kalkine Media, Charts from
TradingView.com
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