EOS Price On the Verge of an Explosive Move As It Continues Trading Sideways

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EOS Price Remains Unmoved As The Coin Undergoes Its Largest Blockchain Update To Date
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EOS’s recent performance is quite different from most cryptocurrencies which have seen clear daily uptrends. The digital currency has been trading sideways between $2.06 and $2.39 range for the past 12 days now while volatility and trading volume keeps decreasing. The daily MACD has turned bullish but with little or no continuation and the bulls have been unable to break above the daily 12-period EMA for basically 12 days in a row.

This extremely tight range and the fact that the 24-hour trading volume continues decreasing indicates that EOS is about to experience a huge move. The crypto market has turned bullish in the past 2 weeks which means the bulls have a better chance to see a bullish break for EOS than a bearish one.

What Is The Next Target for EOS?

Looking at the daily chart, the immediate resistance is definitely the 12–period EMA currently set at $2.24. A clear break and close above this level would very likely push EOS above the last high at $2.39.

EOSUSD Chart By TradingView

The bulls would be facing a tough area of resistance at around $2.50 where the daily 26-period EMA is set. On March 20, the bulls were rejected from $2.5198 which means the area between $2.50 and $2.519 is now an important area of resistance.

On shorter time-frames like the 4-hour chart, the bulls are comfortable currently with an uptrend. The MACD is also in favor of the bulls but they need to hold the 12-period support.

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Long-Term Looking Dull

EOS long-term charts were really bullish and were pointing towards the $10 mark, unfortunately, recent events surrounding the Coronavirus pandemic forced the entire crypto market to crash.

EOSUSD Chart By TradingView

The weekly chart is now in a clear downtrend again breaking below both EMAs and turning the MACD bearish again. Similarly, the monthly chart has further confirmed a downtrend, the bulls were hoping to see a higher low compared to $2.142, but the collapse of the entire global economy has certainly taken its toll on cryptos.

The RSI here is still overextended but will probably have no effect on the next move of EOS. For now, the bottom set at $1.358 seems to be final.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.