The cryptocurrency EOS (EOS) was under market corrections after the coin hit its 52-week high at $ 8.83. However, the EOS coin has resumed bullish momentum. The all-time high of $ 22.89 reached in 2018 is still unaffected. At the time of writing, EOS is trading at a price level of $ 7.28. The price of the cryptocurrency has increased by 15% in the past 24 hours while the daily trading volume has increased by 90%. EOS ranks twenty-fourth in the market for capitalization.
Technical analysis by EOS
The market sentiment for the EOS coin has developed strongly bullish. Of the 26 technical indicators, sixteen are in a buy position, while ten give a neutral signal and there are zero signs of a sell. Both the oscillators and the moving averages are bullish.
A trader identified EOS price movements in the shape of a cup and a handle. EOS has completed the cup formation and is in the process of forming the handle. The cup and handle figure is bullish. When the formation is validated, the cryptocurrency confirms the bullish momentum it is facing and vies for higher price levels. With that in mind, the trader has set a price target of $ 14, followed by the 52-week high of $ 22.
EOS developments that you should know about
Block.one, the organization behind EOS, has reached some important milestones this year that have contributed to the upward momentum of the EOS coin. At the beginning of the year, a consensus was reached on integrating the new EOS PowerUp model into the blockchain. The PowerUp model is intended to solve the problem of high transaction fees through a better and more efficient allocation of resources.
Block.one also announced the official test network EOSIO in April. The test network includes features such as distributed multi-node networking, one-click blockchain account creation, and much more. The announcement of the testnet is one of the most important developments of Block.one.