Tanya Abrosimova
Independent Analyst
- EOS has been growing strongly since the beginning of the week..
- The next strong resistance awaits us on approach to $3.64
EOS, the 7th largest digital asset with the current market value of $3.3 billion hit $3.61 high on Tuesday is driven by a strong upside momentum/ At the time of writing, EOS/USD is changing hands at $3.58 with over 7% of gains on a day-to-day basis. The coin is the best-performing digital asset out of top-20.
EOS/USD, the technical picture
On a daily chart, EOS/USD broke above SMA100 (Simple Moving Average) at $3.48, which is a positive signal for the bulls. The coin bottomed at $2.53 on October 23 and has been moving in a range limited by $3.15-$3.50. The next resistance is created by the upper line of the Bollinger Band on a daily chart at $3.64. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $4.00 and September 17 high at $4.24.
On the downside, the correction may be limited by the above-said SMA200 daily. A sustainable move below this handle will open up the way to the lower border fo the previous consolidation channel at $3.15. It is strengthened by SMAA50 and the middle line of the Bollinger Band on a daily chart.
EOS/USD, the daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.
Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570
Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million.
Bitcoin Weekly Forecast: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.