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EOS Price Records First Significant Gain After Downward Spiral

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EOS has been undergoing a downward spiral for the last several weeks. Even when other cryptocurrencies and Bitcoin were recording recoveries, EOS continued on its downward trajectory. Today is the first significant gain since the downward spiral began, but whether it can hold and close the day with a gain is another question altogether. Two days ago, EOS also was recording movements upward but ended up retracing to close at the price it opened.

However, with some renewed optimism in altcoins today it seems likely that EOS will keep at least some of its 7% (so far) gain today. The RSI is also on the up and is nearly out of oversold territory. The $4.5 price has been acting as an important support level, and a close significantly above it will be a bullish sign, as it looked unlikely to hold over the past few days.

EOS Daily Chart

On the 4 hour chart, we can get a closer look at the technical. Price action did drop below the $4.5 mark but managed to get help at $4.25. The price action managed to rise back above $4.5, and this is likely to act as further support in the case of another drop. As it approaches the 50EMA, this could potentially serve as a resistance point. Both price action and RSI are forming higher highs and higher lows showing more buying pressure in the markets.

EOS Hourly Chart

Key Takeaways:

  • The first significant gain for EOS since the downward spiral began, but whether it can close and record a gain is unknown
  • RSI and price action recording higher lows and higher highs on the 4hr showing more buying pressure in the markets
  • $4.5 likely to act as support in the event of a drop and the 50EMA may potentially serve as resistance.
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.

EOS Price Records First Significant Gain After Downward Spiral was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.