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Price Analysis of EOS: The coin is on the verge of a breakout

Cryptocurrency


The native token of EOSIO network- EOS coin, ranks in the 7th position according to the stats of Coinmarketcap. The price of EOS at the press time was $3.4705 and its market cap was around $3.27 billion. A major chunk of EOS was coming from BKEX, contributing to a total of $269 million via the EOS / USDT trade pair.

2 Hour Chart

Source: EOS / USD TradingView

The short term chart showed a downtrend extending from $3.5331 to $3.3971 and an uptrend extending from $2.5543 to $3.3034. The resistance stood at $3.5437 and the support was held at $3.3388.

The Bollinger Bands had just begun to diverge increasing the volatility of the coins.

Chaikin Money Flow: The CMF line was above the zero line suggesting that the inflow of the capital was more than the outflow pushing the coin to the bullish market.

The MACD line was traveling below the signal line indicating that the coin was experiencing a bearish trend.

1 Day Chart

Source: EOS / USD TradingView

The one day chart exhibits a downtrend extending from $7.5979 to $3.7083. The resistance was at $4.2571 and the support was held at $3.0572.

Parabolic SAR: The dotted line was going up indicating the presence of the coin in the bullish market.

Relative Strength Index: The RSI line was well above the 50-line and was on its way to the 70-line hinting that the buyers were quite active and gaining strength pushing the coin to the bullish market.

The Awesome Oscillator showed that the red bars were slowly trying to enter the bearish market.

Conclusion

The coin at the press time was in the bullish market and was on the verge of a breakout as the volatility of the coins had increased and many other indicators suggested that the coin was stepping into the bearish market.

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