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EOS.IO is a public blockchain platform that enables users to build decentralized apps and smart contracts. It is a speedy, agile, and forward-looking digital payments network. It is a proof-of-stake (PoS) based open-source protocol. EOS is the native token of this ecosystem and the technical analysis is as follows:
Past Performance
On April 28, 2021, EOS started trading at $6.06. As of May 4, 2021, EOS closed at $6.34. Thus, in the past week, the EOS price has surged by roughly 5%. In the last 24 hours, EOS has traded between $6.20-$7.37.
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Day-Ahead and Tomorrow
Currently, EOS is trading at $7.18. The price has increased from the day’s opening price of $6.34. Thus, the market seems to be uptick.
The MACD and signal lines have just turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Hence, the overall market momentum has turned bearish. Therefore, the price may start declining soon.
Currently, the RSI indicator is at 37%. It faced rejection at 45% and fell to the current level. Thus, selling pressures are high. Like the MACD oscillator, the RSI indicator too is pointing towards a price pullback.
However, the OBV indicator is upward sloping. This implies that buying volumes are higher than selling volumes. There is bullish divergence here. High buying activity will push the EOS price upwards.
EOS Technical Analysis
In a nutshell per technical analysis, the price may start rising to an intermittent price pullback. The market seems to be in a price correction phase.
Presently, the price is above the first Fibonacci pivot resistance level of $7.08. It may fall up to the Fibonacci pivot point of $6.64. Thereafter, we have to wait and watch to see if a trend reversal occurs and the price resumes its upward journey.
The price may soon test and fall below the 23.6% FIB retracement level of $7.07. If by day end, the price falls further and is unable to retest and break out of this level, then probably the price downtrend is strong. In that case, the price downswing may continue tomorrow as well.