EOS Key Highlights
EOS rallies to $4.58 as more upsides likely
EOS/USD is likely to make further upward move
EOS Current Statistics
The current price: $4.51
Trading Volume: $1,481,826,222
Major supply zones: $4.40, $4.60, $4.80
Major demand zones: $3.6, $3.4, $3.2
EOS Price Long-Term Prediction: Bullish
On July 20, EOS/USD plunged to the low of $3.15 as more upsides likely. This propelled the crypto to rebound above the $3.30 support. The upward move was initially stalled at the $4.30 resistance zone. After five days of correction, the $4.30 resistance was breached as the altcoin rallied to $4.58 high. Nonetheless, further upward moves to the previous price levels are doubtful as the market reaches the overbought region.
The daily stochastic and the RSI have indicated that the crypto has reached the overbought region. The implication is that the current uptrend will be interrupted as sellers emerge to push prices down. Meanwhile, on August 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that EOS will rise but will reverse at level 1.272 Fibonacci extension or level $4.51. From the price action, EOS/USD is retesting the Fibonacci level for a possible reversal.
EOS Indicator Analysis
EOS is at level 69 of the Relative Strength Index period 14. EOS has reached the overbought region of the market. Further upward rally is unlikely on the upsides. The crypto is above the 80% range of the daily stochastic. The daily stochastic has been in the overbought condition since August 4.
What Is the Next Move for EOS as More Upsides Likely
EOS /USD is in a smooth uptrend as more upsides likely. A bullish trend line is drawn showing the support levels of prices. The crypto will continue to rise as long as the price is above the moving averages. However, if price breaks below the moving averages or the trend line, the uptrend is likely to be terminated. In the meantime, EOS’s uptrend is ongoing.
Also read: Polygon (MATICUSD) Price May Break Out at $1.2394 Level
Note: Crypto-academy.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.