EOS has seen a 10% increase in its price and is now one of the highest gainers for the past 24 hours. The coin is now very close to the next resistance. Positive price action was seen on the 24-hour chart by the bulls.
EOS witnessed a substantial price increase despite Bitcoin dropping on the chart, along with other major altcoins heading south. EOS price displays a wedge-shaped pattern. These patterns are often associated with the end of a trend. EOS price reversed its bearish momentum in this instance.
According to the technical outlook, bullish price movement was expected to gain strength. The buying power on the 24-hour chart was substantial.
If buying power holds, the altcoin can move easily to the immediate resistance. EOS price must be above the current price action in order for it to move.
EOS Price Analysis: One Day Chart
Altcoin trades at $1.70 as of the writing. The bulls have made double-digit gains in the past 24 hours. The coin has also formed a broad wedge pattern which meant that EOS’s previous bearish price thesis would be discontinued.
EOS was at its overhead resistance of $1.90. Any move above this level will propel it to $2. If sellers return to the market, EOS will be supported at $0.90 by local support. As indicated by the green bar, the amount of EOS traded in the most recent trading session increased. This indicates that buyers strength has also increased.
Technical Analysis
Bullish momentum indicated an increase in coin demand. Also, the technical indicator reflected an increase in purchasing strength. Relative Strength Index showed positive results, as it rose above the 50% line, indicating that EOS prices were bullish.
The RSI hovered near the oversold area, which means that the coin will become overbought if there is an increase in demand. The altcoin price was at or near the 20 SMA level, which indicates that buyers drove the market’s price momentum. EOS also surpassed the 50-SMA, which is a sign that it was bullish.
EOS displayed a buy signal via its technical indicator due to an increase in demand and price. A Moving Average Convergence Diligence indicates price momentum. MACD went through the bullish crossover, and showed green histograms that were an essentially buy signal.
Directional Movement Index depicts the direction of price. Positive DMI as +DI was higher than the -DI. Average Directional Index was in red, which indicated that price momentum is gaining strength. This could indicate that bullishness has continued over the next trading session.