EOS followed a steep downtrend for the majority of November.
Recent price action has resulted in EOS breaking from this downtrend and beginning to trade more bullishly.
Since EOS broke from its downward trend, it entered a range of $1.7 to $2.
It broke out from this range today as the price of EOS outperforms most other major cryptocurrencies.
EOS’s price currently trades around $2.11.
EOS is setting up to continue to outperform potentially.
Both the daily MACD and RSI are continuing to increase to the upside reflective of strong buyer momentum.
The momentum is also with the buyers on the shorter term hourly timeframe.
After a number of tests at the $2 level, EOS finally broke above it today along with significant surges taking place across the cryptocurrency market.
A big part of whether EOS can continue to outperform depends on overall market conditions.
The trend for much of this year in EOS has been an underperformance in decreasing markets and an outperformance during appreciations.
If the market leader Bitcoin can continue to rise, the prospects look bullish for EOS.
- EOS breaks steep downtrend which it had been trading in for the majority of November.
- EOS entered the range from $1.7 to $2 after exiting steep downtrend
- EOS has surged above its range today as cryptocurrencies record price increases across the market.
- If market leader Bitcoin can continue to increase, EOS is likely to continue to outperform other major cryptocurrencies.
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EOS Breaks Out of Trading Range With Bullish 12.5% Rise to Start the Week was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.