- The EOS coin price is trading at $0.606.
- The price has given the breakout of the trendline which was stopping the price from its further rise.
- The bulls are taking the control back from the bears.
The EOS coin is the native utility token of the EOS Network, which is an open-source decentralized blockchain, launched in 2018. It was launched to be scalable, safe, and easy to use for its users. It allows users to make thousands of transactions per second. This network’s Delegated Proof of Stake (DPoS) allows its users to have the power to select node operators.
EOS Coin Price Analysis
The EOS price is currently trading at $0.606 at the press time with a 24-hour trading volume of $12.621 million. In the last 24 hours, it has gained 2.02%. It is ranked in the 59th position by the coin market cap due to its market capitalization of 688,844,004 USD. It has a circulating supply of 1,106,5622,484 EOS coins.
Are Buyers Taking Over the Control of EOS Token Price?
From the last 7 trading sessions, the price is in a continuous uptrend and has gained 14.20%. It has recently given the breakout of the descending trendline. All in all, it is consolidating in a range of $0.628 (resistance) and $0.524 (support).
The price has recently reclaimed the 50-day EMA line and is currently testing the 100-day EMA to break above it. However, in the current scenario, the price is facing rejection from the 100-day EMA. It shows both bulls and bears making the price indecisive.
The Relative strength index is at 66.76, which is the bullish territory. The RSI line is sloping in the upward direction, which shows the ongoing buying pressure. However, it is heading toward the over-bought territory from where a pullback could be seen in the future.
EOS coin’s price is rising and is trading below its $0.628 resistance. As it has given the breakout of the descending trendline, it shows signs of starting a bullish trend. The only thing it has to do is to give the breakout of the $0.628 resistance level. After that, the price can rise to its next resistance at $0.809.
However, if the price could give the breakout of the $0.628 level, it could be seen falling at its support of $0.524. For it to continue its overall bearish trend, it must give the breakdown of the $0.524. After that, it may continue its fall to the $0.400 level and that can be its next possible support.
Conclusion
The EOS price is in an indecisive state as it is consolidating in a range of $0.628 to
$0.524. It is showing signs of bullishness as the price has given the breakout of the descending trendline and has reclaimed the 50-day EMA. It increases the chances of a bullish rally. The confirmation for a bullish rally will come after the breakout of the $0.628 resistance.
Technical levels
Resistance Levels: $0.628 and $0.809.
Support Levels: $0.0.524 and $0.400.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.