EOS price analysis: EOS/USD relative quite finally finds a bottom

0
  • Low volatility in the market is a “a sign of speculation leaving the market and eventually a bottoming process.”
  • Technical indicator send bullish signals ad bulls reverse the trend.

Low volatility is the music singing across the market. The stability is led by the largest crypto, Bitcoin (BTC). The other top ten digital currencies are following in the footsteps of Bitcoin. The decreasing volatility show that the crypto market is purging speculators. Besides, Bloomberg’s Intelligence analyst, Mike McGlone reckons that this is “a sign of speculation leaving the market and eventually a bottoming process.” He argues that “High volatility is a major factor lessening most cryptocurrency use cases for anything other than speculation.”

EOS, on the other hand has been trimming gains within a descending channel since Sunday. The upper trendline is prevention bullish moves while the bulls have been holding ground preventing declines below the lower trendline. A correction from the trendline on Tuesday made it above the moving averages but failed to break the resistance at $5.52. EOS resumed the downtrend and was unstoppable at the support at $5.4 before finding a bottom at $5.375.

The asset has been trading in the green on Thursday with a bullish reversal that is making headway above the broken support at $5.4. EOS/USD is trading at $5.446 after a 0.28% rise on the day. The RSI is heading north above 50% while the MACD is reaching towards the mean line. The bulls have increased their presence but a correction above $5.475 will ignite gains that could see EOS escape the bearish channel resistance.

EOS/USD hourly chart

Get the 5 most predictable currency pairs

About Author