EOS | BULLISH MOMENTUM AHEAD |
RSI - OVERSOLD
TENKAN ON PRICE
BB Squeezing and Getting Narrower
Diving into the 4hr chart we can see that EOS has been tracking well inside a falling wedge pattern since the start of May, consolidating between a strong upper resistance and lower support region.
The project struggled to inspire bullish confidence after delaying its mainnet launch for over a week, leaving investors disheartened and disappointed with the team’s competency in handling such a keystone network upgrade. This had a visible effect on the token’s value too. EOS fell by 47% over June as many questioned what was being done with the $4 billion raised during EOS’s year-long ICO.
Looking at a number of indicators now, however, we could be about to see this asset springboard off the new support area and start making its way back towards $10.
Looking at the parabolic SAR indicator we can see a flippening from bearish markers to bullish markers appearing underneath the price action. This is a good signal for the start of an uptrend.
Volume has been increasing over the last week with significantly higher highs.
MACD is showing increased momentum towards the signal line, with the faster moving average converging over the slower moving average.
RSI has recently recovered from a brief oversold moment and is now climbing back into the middle of the index channel.
On the Ichimoku indicator we still have a bearish T/K crossing but the price action is quickly approaching the red Kumo cloud and is looking like it will pass through this shortly. This will be another strong confirmation of a trend reversal.
Read more: cryptovest.com/news/eos-technical-analysis-eos-is-this-the-bottom-looking-for-support-to-begin-reversal/
At long last, there has been a ratification from EOS Block Producers allowing for expansion of available RAM. By all accounts, this is a reprieve and it something that the community desired all along. Remember, in the EOS network, RAM is treated as a commodity. Therefore, EOS is subject to supply-demand dynamics and that’s why it’s price continue to fluctuate.
TENKAN ON PRICE
BB Squeezing and Getting Narrower
Diving into the 4hr chart we can see that EOS has been tracking well inside a falling wedge pattern since the start of May, consolidating between a strong upper resistance and lower support region.
The project struggled to inspire bullish confidence after delaying its mainnet launch for over a week, leaving investors disheartened and disappointed with the team’s competency in handling such a keystone network upgrade. This had a visible effect on the token’s value too. EOS fell by 47% over June as many questioned what was being done with the $4 billion raised during EOS’s year-long ICO.
Looking at a number of indicators now, however, we could be about to see this asset springboard off the new support area and start making its way back towards $10.
Looking at the parabolic SAR indicator we can see a flippening from bearish markers to bullish markers appearing underneath the price action. This is a good signal for the start of an uptrend.
Volume has been increasing over the last week with significantly higher highs.
MACD is showing increased momentum towards the signal line, with the faster moving average converging over the slower moving average.
RSI has recently recovered from a brief oversold moment and is now climbing back into the middle of the index channel.
On the Ichimoku indicator we still have a bearish T/K crossing but the price action is quickly approaching the red Kumo cloud and is looking like it will pass through this shortly. This will be another strong confirmation of a trend reversal.
Read more: cryptovest.com/news/eos-technical-analysis-eos-is-this-the-bottom-looking-for-support-to-begin-reversal/
At long last, there has been a ratification from EOS Block Producers allowing for expansion of available RAM. By all accounts, this is a reprieve and it something that the community desired all along. Remember, in the EOS network, RAM is treated as a commodity. Therefore, EOS is subject to supply-demand dynamics and that’s why it’s price continue to fluctuate.
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