EOS Price Analysis

EOS has seen a price increase over the previous 24 hours of trading, bringing the current trading price up to around $3.91, at the time of writing. The market has seen an impressive 37% price hike over the past 7 trading days with a further, rather surprising, 63% price surge over the past 30 trading days.

Where Is EOS Currently Ranked?

EOS is presently ranked in 4th position as it currently holds a $3.49 billion market cap valuation. The 20 month old project now trades at a value that is 82% lower than the all time high price.

Let us take a look at the EOS/USD market and highlight some potential areas of support and resistance moving forward.

EOS/USD – SHORT TERM – 4HR CHART

What Has Happened Since Our Last Analysis?

Since our last EOS/USD analysis, we can see that the market had continued to trade at the resistance at the bearish .236 Fibonacci Retracement level for the remained of January 2019.

However, during early February 2019, we can see that price action managed to penetrate above the resistance level as it starts to surge aggressively. Throughout the month, the market then went on to break above resistance at $3.00 and $3.70 as it currently tests resistance at the $4.00 handle.

We can see that price action is currently battling resistance at the medium termed 1.414 FIbonacci Extension level (drawn in orange) priced at $3.92.

What Is The Current Trend?

The current trend within the market is undoubtedly bullish at this moment in time.

Where Can We Go From Here?

If the bullish momentum continues to push EOS/USD above the resistance at $4.00, we can expect higher resistance to be located at the long term bearish .618 Fibonacci Retracement level (drawn in red) priced at $4.20. This bearish Fibonacci Retracement is measured from the November 2018 high to the December 2018 low.

Further resistance above the $4.20 handle can then be expected at the $4.48 handle followed with more resistance above at the bearish .786 and .886 Fibonacci Retracement levels (drawn in red) priced at $4.93 and $5.36, respectively.

What If The Sellers Resume Control?

Alternatively, if the sellers step back into the market and begin to push price action lower, we can expect immediate support below to be located at the bearish .5 and .382 Fibonacci Retracement levels (drawn in red) priced at $3.70 and $3.19, respectively.

If the sellers continue to drop the market below the $3.00 handle, we can expect more support below at the short term .618 Fibonacci Retracement level (drawn in blue) priced at $2.89.

What Are The Technical Indicators Showing?

The RSI has reached overbought conditions which could indicate that the market may need to pull back slightly before being able to climb further higher.