EOS bulls are poised to hit a new high
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- The EOS price is currently in a parallel channel with an increase of 9.84% in the 24-hour period. The EOS / BTC pair, meanwhile, is seeing positive momentum, rising 1.28%.
- EOS Network is designed for developers to create Dapps with ease. By contrast, it has grown by more than 158% since the beginning of the year.
Source: trade view
The EOS price is currently at $ 6.62, up 9.89%. The EOS price has increased by more than 158% since the beginning of the year. The EOS price has seen a significant increase since last month 100 MA. The 50MA is currently trading at $ 4.35, which makes it a temporary support.
After losing its largest Defi project Effect Network to Binance, EOS made a big comeback. It is now being used more to mark its presence in Defi.
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EOS currently ranks 23rd with a market capitalization of $ 6,741,566,546. The volume ($ 6,741,566,546) of the coin increased 19% in 24 hours. The volume to market cap ratio for the coin is 1.15. It shows a bullish scenario for the coin.
Technical indicators predict an upward trend for the EOS price
Source: trade view
The weekly technical chart for EOS shows bullish momentum. EOS shows signs of bullish momentum when it hits the daily chart. The resistance of the coin on the upside will be $ 8 and on the downside there will be a $ 6 upswing. The EOS price is currently in a parallel channel on the 4-hour chart. When the price breaks 10% above the channel, strong upward momentum can be seen to a point of $ 8. The EOS / BTC pair is also on the verge of breaking previous resistance and making a new high.
RSI (bearish): It currently stands at 70.84 and shows its presence in the overbought zone. The RSI is showing a positive slope, which indicates an upward momentum. The general sentiment on the RSI is bullish.
Conclusion
The EOS price is forecasting an upward trend in the coming months. EOS dapps has revolutionized the current market and can record further growth. The EOS / BTC pair can also see an uptrend. An investor should conduct due diligence prior to investing.
Technical levels
Home Grant: $ 6
Main Resistance: $ 8
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