Is EOS Hitting Bottom or Will Breakout Lead to Inversing the Situation?
EOS, despite of being one of the top 15 cryptocurrencies of the global crypto market, is seen hitting bottom right after the market crash in March, and on the 3-day chart, EOS/USD is nothing but a flat curve. However, it will be too early to decide whether the coin is already towards an end or it’s just the lack of momentum. If we talk about the DeFi project based on the blockchain ecosystem, we clearly know that Ethereum has outcasted all the platforms that are followed by EOS.
After the massive twitter hack, Bitcoin adoption might experience a lesser pledge, and networkers will prefer shifting to the most acknowledged Decentralized Financing. In this regard, EOS can be a better bet as Ethereum 2.0 launch postpones, but the former is believed to be more than a technology.
And, if we leave the price aspect aside and focus on the EOS blockchain ecosystem, Blockbase is the second layer of the network for EOS. This second layer network helps in accountable and verifiable sidechains for storing the database. The chain is believed to have been connected to each other without the risk of a third party, which otherwise makes any blockchain lymph regarding the middlemen.
EOS.IO, a blockchain protocol of its own currency, has had an accelerated development in terms of simple yet effective communication over the past two years.
EOS Price Analysis
EOS, at the press time, was seen trading at $2.6, and it holds strict support at $2 against the greenback. The price trend of EOS/USD is a flatline curve after reclaiming the yearly heights in the early half of the year. However, if compared, EOS had a similar trend after hitting a yearly high in the previous year, and for the rest of 2019, the coin turned flat against the US Dollar. Over the past year, it has been facing a strict rejection above $5.5.
If we emphasize on the 24-hourly chart of EOS/USD, we see that the coin is experiencing a flattish trend since April 2020 and awaits a breakout if this is not a glimpse of the previous year. EOS price, at the current trading price, is not holding support from 200-day MA but holds slight support from 50-day MA at $2.5. the 20-day Bollinger Bands are narrowed as the coin holds no momentum in the intraday and over the past four months now.
With respect to the movement of the EOS price trend, we see that the technicals have turned flat as well, and the lack of traction as led to an approximate breakout soon. Alongside, investors are even awaiting a BTC price breakout, which confirms that EOS is not belonging to the group of altcoins, which experienced a steep growth in the first two weeks of the ongoing month.
Due to intraday resets, the RSI is seen inclined towards the overbought region at 55.66, and the major support and resistance to watch out for lies at $2 and $3, respectively.