thecoinrepublic.com
- The EOS token was currently at $1.16 with an increase of 4.11% during the intraday trading session.
- The 24-hour low of EOS was $1.11 and the 24-hour high of EOS was $1.18.
- The current EOS token price is above 20, 50, 100, and 200-Day EMA.
The pair of EOS/BTC was currently trading at 0.00004955 BTC with a rise of 4.04% over the intraday trading session.
EOS price prediction suggests that it is currently in an uptrend. 2022 was not a very good year as the token was mostly in the hands of sellers. This indicates that sellers dominated the market most of the year. Whenever buyers push the token upwards, sellers push back the token into its demand zone or accumulation zone, because of this the token enters its demand zone multiple times. And near the end of the year, the token was trading near its demand zone after making its new 52-week low. But after the start of 2023, the token started rising, breaking its primary support but soon after the token started consolidating between its primary resistance and support.
After the formation of the bullish engulfing candlestick pattern over the daily trading chart, buyers helped the token breakout its consolidation phase above its primary resistance but soon after sellers entered the market pushing back the token below its primary resistance indicating that the previous breakout was a false breakout.
The volume of the coin has increased by 114.60% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is a relationship between volume and the price of EOS, which represents strength in the current bullish phase.
The Technical Analysis of EOS:
RSI is increasing in the overbought zone and is showing signs of a positive crossover which indicates that the buyers are coming in the majority and pushing EOS downwards. This suggests the strength of the current bullish trend. The current value of RSI is 54.46 which is below the average RSI value of 57.50.
The MACD and the signal line are intersecting and showing signs of a positive crossover which supports the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
The EOS analysis suggests that it is in a bullish phase. 2022 was not a very good year for the token as sellers were forced to enter its demand zone multiple times the year. After the formation of a spinning top candlestick pattern over the daily trading chart, the token started increasing. The increase in volume shows the positive market sentiment towards the token. RSI and MACD both are showing signs of a positive crossover which indicates int the current bullish trend, as per the technical indicators.
Technical Levels-
Resistance level- $1.169 and $1.411
Support level- $0.915 and $0.824
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.