EOS Price Analysis- April 1, 2021

Bitcoin has rebounded strongly from around $51K to around $59K in the past week. It has led altcoins to surge as well, including EOS.

EOS is a next-generation, open-source blockchain protocol with industry-leading transaction speed and flexible utility. The altcoin, once listed in the top 10 of the crypto market before, is ranked 26th with a market cap of $4,697,429,771.

EOS token, following a 31.55% spike in the last seven days, had recovered its losses and broken through the previous downward trend. At the time of writing, this altcoin is trading at $4.93.

EOS Price Analysis

Source: EOS/USDT Daily via TradingView

Yesterday’s candlestick showed a long lower shadow pattern, which proved that the bears wanted to suppress the price downward, but the bulls continued to buy the dips, pushing the price higher than the opening price.

The transaction prices of EOS/USDT for recent days were much higher than the Exponential Moving Average ribbon. It proves that EOS has jumped out of the previous downward trend.

The Relative Strength Index (RSI) indicator and the upward sloping Exponential Moving Average ribbon indicate that the bulls are currently dominating the market for EOS.

Judging from the MACD chart, the blue MACD line and the yellow Signal line have been hovering near the zero axes for a long time since March 10. But the current situation has changed as the blue MACD line has been bent upwards with a bullish crossover.

EOS’s price is expected to hit the resistance level of $5.60. If the bulls successfully break this resistance level, the next level for the market’s bulls to aim for could be the $8.00 point.

However, if a large number of sell orders are triggered, then EOS/USDT will likely retest the 20 day-Exponential Moving Average of $4.19 support level. If the bulls fail to defend $4.19, then the $3.64 resistance will be tested.

Image source: Shutterstock