There are many interesting shifts taking place in the cryptocurrency industry today. A lot of traders are looking to make money, and keeping an eye on the EOS price may be worthwhile.
EOS Price Attempts to Break $5 Again
Most crypto assets noted very steep gains in the past month. Despite a few hurdles along the way, that overall uptrend remains in place without too many problems. Following the EOS price chart, it becomes apparent that reaching $5 again will be the main order of business. That will primarily depend on how the Bitcoin price evolves over the coming hours and days.
It is worth noting how the EOS price surpassed the $5 mark late last week. Overcoming these round figure “mental” hurdles is never an easy feat. If Bitcoin hadn’t dropped by over $200 shortly after, the value per EOS could have continued to rise,
For now, EOS has ample trading volume to keep this party going. There’s nearly $1.8 billion in trades, representing over 37% of the project’s market cap. Four of the five top trading pairs are linked to USDT, which is common in the cryptocurrency industry these days. There’s also some USD liquidity coming in courtesy of Bitifnex.
EOS/USDT Technical Indicators
Bollinger Bands: Wide open BBs confirm that EOS has ample liquidity right now. With no real market pressure in sight just yet, the uptrend is likely to continue. There are a few core resistance levels to be overcome in quick succession, thus some minor volatility is likely to ensue as the day progresses.
Moving Averages: The MA20 continues to angle up, as does the MA50. For EOS, this is a very prominent sign. As the MA50 also crossed the MA200 a few days ago, it seems evident that the EOS price trend will remain in place. Being sandwiched in between previous resistance levels may trigger some minor pushback, however.
RSI: EOS is sloping down in overbought territory, indicating that there will be some volatility for traders to contend with That is not a bad thing, as a bearish breakdown remains unlikely. As stated before, it primarily depends on what happens to Bitcoin in the coming days.
Fibonacci Retracements (EOS/USD): The current EOS price finds itself in between the 38.2% Fib and the 50% Fib. Reaching the 50% level of $5.3524 will be challenging, as the 38.2% level isn’t confirmed as support just yet. A retest of $4.6021 is very likely as long as these semi-bearish conditions remain in place.
Resistance Levels: On the USDT chart, EOS is hitting resistance near $4.9217 and $4.8824 hasn’t been confirmed as support yet. The next level sits at $4.9903. A potential drop to $4.80 or even $4.75 is plausible if Bitcoin’s trend were to fall apart once again.