The price of EOS has mostly been on a downward spiral since its mainnet launch in June. Last week EOS recorded the first substantial gain in the space in around three weeks, as the price increased from around $4.6 up to resistance at $5.6. It has since bounced off the resistance, but it is holding its price around $5 for the moment.
It is questionable what is in store for the price of EOS as this week progresses. With altcoins having a terrible 2018 so far, we may not see another jump like the one we witnessed last week. But with Bitcoin and EOS forming higher higs and higher lows, the market drop may be bottoming out for the moment, and we could see more gradual increases in the price of altcoins such as EOS. The RSI for EOS jumped out of oversold territory with last weeks increase. And we also see the MACD cross its signal line to the upside which is a bullish signal.
On the hourly, we can see the price is experiencing a more recent downward movement. Although the picture on the daily looks reasonably strong with upward movements likely, short term we are likely to see some moves to the downside. Price and RSI are forming lower highs and lower lows showing more selling pressure in the markets. And we also have some of the drops on large volume showing some strength behind them.
- Outlook is short-term bearish but longer-term bullish
- Price action is holding steady above $5 and is likely to rise higher depending on how market leader Bitcoin trades
- However, downward movement can be expected in the near term with some bearish signs including both price and RSI forming lower lows and lower highs on the hourly
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EOS Price Holds Strong Above $5 was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.