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EOS – A Top Performing Cryptocurrency in a Bearish Market

  • Thomas Hughes
    ⭐ Features

    Despite criticism for being somewhat centralized, EOS is one of the best performing altcoins, surging around 40% over the weekend.


EOS – A Top Performing Cryptocurrency in a Bearish Market

Despite criticism for being somewhat centralized, EOS is one of the best performing altcoins, surging around 40% over the weekend. On Friday, it was trading as low as 1.55 against the US dollar and reached a high of 2.17 by Sunday afternoon, currently trading at 2.07 (Bitfinex).

The move seems spurred by technical factors rather than something major on the newswire, although it can be argued that a possible Coinbase listing for EOS is the reason behind the climb. But on the other hand, about 30 other coins are eyed for listing by the San Francisco based giant, and none of them have seen such solid gains.

Chart Analysis – EOS/USD

Chart Analysis – EOS/USD

The bullish price action seen over the weekend looks healthy and sustainable. The pair is printing higher highs and higher lows on the hourly chart above, and the 20-period Exponential Moving Average (blue line) has crossed above the 50-period Exponential Moving Average (red line), suggesting that more upside movement may follow.

The first barrier in front of the rising price is the high achieved over the weekend, at 2.17, while support is represented by the bullish trend line seen on the chart. A break of 2.17 will open the door for the big hurdle at 2.50, but before that can happen, we will probably see a retracement lower or a period of sideways movement (the travel to 2.50 will probably take more than a day).

Support zone: bullish trend line

Resistance zone: 2.17 – 2.20

Most likely scenario: break of resistance and move higher until the RSI enters overbought

Alternate scenario: break of bullish trend line followed by a bearish EMA cross

 

Cover image via u.today
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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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