EOS has spiked more than any of the top 10 cryptocurrencies so far today. After suffering sharp losses since it’s mainnet launch back in June, EOS has recorded an almost 30% increase in price over the last three days. It has recorded three consecutive Marubozu candles. A Marubozu candle is a candle with little or no wick and a long body showing strong directional movement in one direction. $5.6 has acted as an important level for EOS in the past but bullish momentum was so strong that the recent price action did not experience resistance at this point.
On the hourly chart, we can see consecutive bull flags executing. After every significant move to the upside, EOS trades in a range before another directional move. Price and RSI continue to form higher highs and higher lows with MACD diverging further and further away from the centerline showing that the momentum is still with the bulls. Outlook is near-term bullish but the long term is uncertain. The longer term will mostly depend on whether the current optimism the altcoin market is experiencing, persists. The $250 billion market capitalization point for the overall cryptocurrency market has been noted as a key psychological marker, with the current market capitalization sitting at $233 billion.
- Three Marubozu candles priced in for EOS showing strong bullish movement
- Hourly RSI and price form higher highs and higher lows as the MACD continues to diverge indicating strong bullish momentum
- $5.6 was expected to be a key point but price overcame it without much resistance
- Longer term outlook of EOS depends on the continued optimism in the altcoin market
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EOS Price Is the Big Winner Among Large Cap Cryptocurrencies was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.