EOS Regains the Lost Traction; Breaches 3-Month Resistance
EOS, although a less discussed crypto in terms of digital asset investment, is one of the top coins of the global market. EOS is ranked on 11th position right above Chainlink—the most talked about the contract-based platform, on the contrary. In the recent news known at the onset of the previous week, China-backed Blockchain-based Service Network (BSN) joined hands with six leading public chains, out of which EOS happens to be the one.
Crypto investors and potential networkers may only emphasize on the price of the token or coin but refrain from knowing the underlying technology. But it is important to take a glance at the same as a crypto investment is nothing but an investment in the digital asset based on its network. EOS.IO is one of the major attractions in the crypto space making it one to most preferred and placing it one amongst the top 15 coins of the market.
Moreover, EOS ICO (Initial Coin Offering) that started in 2017 and ended in 2018 is believed to be one of the most successful ICOs of all time. The platform, due to its illuminating features and underlying tech, could manage to fetch $4.1 billion in one year of its ICO period. EOS may be underperforming if we take into consideration the price dynamics but holds an unrivaled performance and vigorous community of developers, which has led to it being the most preferred platforms for DeFi.
EOS Price Analysis
The YTD chart of EOS shows that the recent bullish change in the intraday and has breached the 3-month resistance at $3.08. The next resistance in order awaits at $3.88, followed by $4.42 and $4.88 if the coin continues to trade with the same momentum. EOS/USD was trading sideways after the market crash in March and appears strengthening now as BTC reclaims its trading position above $10k and just below $11k.
During the massive crash in March, EOS price dipped as low as $1.5 and has regained by approximately 105% in 4 months now. The currency holds a bullish intraday crossing as the entire market is exhibiting positive sentiments.
Emphasizing the month-to-date movement of EOS against the greenback on the 3-hourly chart, we see that the coin has regained the lost momentum. The price trend of EOS/USD is hitting the 20-day upper Bollinger Band, and with the recent spike in the price, the volatility expands as per the laid BB.
EOS, however, is retaining complete support from 50-day and 200-day daily MAs on the above 3-hourly chart, and the volatility projected is believed to be in the short-term. The MACD holds a bullish divergence due to complete intraday gains, and the signal line is crossing above the MACD line. The RSI is at 70.89, showing the overbought behavior for one of the top 15 cryptos of the market. The major support and resistance to watch out for are clearly demarcated at $3.0 and $3.88, respectively.