EOS Price Movement Analysis for 19th February 2021

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With a market capitalisation of $3.58 billion, EOS was ranked 17th on the CoinMarketCap list at the time of publishing. The digital asset has seen a sharp increase in value over the past week, with EOS closing at $5.23 as it reached its next immediate resistance at $5.34.

It should be noted, however, that the EOS market has seen its dominant trend repress over the last few days.

EOS four-hour chart

The attached chart illustrated the major price chart movement of EOS over the last three weeks. In reality, EOS was priced at $3 at the beginning of February. However, due to the general market bullishness, the price of the crypto rose to $5.6.

Soon after that, EOS reported a minor retracement. EOS broke two levels of support and fell below $5 until a quick hike saw the coin cross the $5 resistance. The above-mentioned hike may allow EOS to rally higher and to test the resistance level again.

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Reasoning

The surge may be part of the ascending pattern of the channel that stretches throughout the graph. After the price had previously been seen to fall, the crypto-market saw an escape from instability, but with increasing values, the Bollinger Bands again diverged, underlining an increase in volatility.

In the meantime, the Signal line and the 50 moving average slipped under the candlesticks as the price levelled higher. This highlighted the rise in the number of buyers on the EOS market. Such purchase could drive it to the over-purchased zone as the Relative Strength Index approached the upper limit at 70.

Despite the said chaos, however, the EOS market seemed to lack traction to continue or sustain the uptrend. The Amazing Oscillator indicated that the market had lost traction in the last three to four days. To keep up with the current trend, EOS will want to get more traction, or else a trend reversal may be in the offing.

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Conclusion

The business of EOS has seen the bullish side of the market lately. However, there is still a lack of traction to keep the trend going. As the crypto asset moves closer to the over-purchased zone, sales pressure could arise, causing a sell-off, given the asset’s growth over the past week.

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