EOS price has had a volatile 2018 where it has experienced some significant downturns. It had been trading at the critical $5 mark for about one week and with altcoins performing well this Monday, EOS is back above $5. $5.6 has been acting as an important resistance level for EOS with $4.6 a critical support level below. About one week ago, EOS made a gain of over 20%, moving from $4.6 to $5.6 in the space of just one day.
Since this move up, EOS has struggled to stay above $5 and has been subject to the performance of the overall altcoin market. With bitcoin recording a bullish week last week, altcoins have been holding some of their levels over the past week. However, with a bearish head and shoulds forming in Bitcoin, a downturn in the price of bitcoin would most likely result in sharp depreciations across the altcoin market. We may see EOS drop below it’s $4.6 support if this scenario plays out.
We can see from the hourly chart that EOS has been subject to volatile swings after trading in a range. Currently, EOS is back trading in a range around $5.1 to $5.2. For much of the recent trading, EOS has been below the $5 mark but the most recent swing brought EOS above $5 on significant volume. Whether the next big swing is going to be to the upside or the downside probably depends on the broader Bitcoin and altcoin market as a whole. After a bullish week last week, sentiment for cryptocurrency investors and traders is more bullish than usual.
- Altcoin market performs well this Monday with EOS trading above $5
- $4.6 is a vital support, with $5.6 being resistance
- A drop in BTC would likely lead to EOS dropping below $4.6 support
- Currently, the sentiment is more bullish than usual in the market, making another swing to the upside more likely
|DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.|
Bullish Start to the Week for Altcoins as EOS Returns Above $5! was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.