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- EOS price is drawing a rounding bottom formation near the 2022 lows on the weekly round level.
- The weekly RSI indicator approaches the halfway mark, which could create slight volatility in the price.
- The market cap increased by 16% to $1.64 billion in the last 24 hours.
EOS Coin has put pressure on sellers with sell orders over the past few weeks. However, the coin was underperforming since its all-time high of $14.90. Each bounce between downtrends results in a sell-out coin in a higher time frame. At the time of drafting, the EOS coin is trading at the $1.64 level against USDT.
Above the weekly price chart, price action formed a rounded bottom while recording a 52-week low of $0.082. With the massive consolidation phase in place, buyers have seen the EOS price rise by around 140% so far. So the bears started covering their shorts as soon as they saw a bounce in the weekly RSI indicator.
The altcoin price has risen since last week and reached a critical resistance level of $2.0, once the price has already respected this bullish barrier. And as long as the price trades under this zone, the uncertainty remains and buyers may witness a pullback. Moreover, if the bears lose the $2.0-resistance, the price could Shoot up towards the next resistance at $3.0.
MA ADX Indicator Gives Wings to Buyers
The MA ADX indicator plays a significant role during the EOS coin increase. Since mid-July, altcoin price remains above the green signal line of the MA ADX indicator, which stands as a pumping zone over the daily price scale. Besides, the daily RSI shows a sideways trend for the EOS coin as its peak hovers at 50-Level.
Conclusion
Despite Bitcoin remaining below $20K today, the EOS coin recorded over a 16% rally in the last 24 hours, resulting in a Market cap reaching $1.64 Billion. Although, in a higher time frame, price action displays a bullish trend and RSI also favors bulls.
Support level – $1.3 and $1.0
Resistance level – $2.0 and $3.2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
