Bitcoin’s worth has once again rejected opposition at $60k and has fallen slightly in the last day. This slight decline was also noticeable in the EOS market, as the digital asset broke out of its uptrend.
EOS was ranked 24th on CoinMarketCap with a market capitalisation of $5.938 billion. It was trading at $6.15 at the time of publication.
EOS 1-hour chart
According to the above map, the EOS market was volatile and was currently seeing more restricted movement. After moving within an ascending channel, the price burst out of the channel and moved to the visible support level of $5.77.
The stock has since recovered from this amount of help and is currently trading at $6.32. However, since the price has just experienced a swing, it can consolidate in the near term.
In the EOS sector, the Bollinger bands have seen spikes of uncertainty. Following a long cycle of volatility, the EOS market has seen decreased volatility as the bands converged. The declining price of the digital commodity has led to the market’s decreased uncertainty, and the signal line narrowly snuck over the price bars.
However, as the market stabilised, the signal line pushed lower again, and the price bars appear to indicate an uptrend. The 50 moving average, on the other hand, provided support to the price.
Despite the market’s bullishness, the decreased uncertainty will limit EOS’s movement. Buyers were joining the market, according to the relative strength index, but the commodity stuck close to the equilibrium zone.
ConclusionIn the current EOS market, the price has broken down from an ascending channel. The price has been improving from its drop and could consolidate at $6.17. The price may challenge the resistance level of $6.32, but more investors must enter the market.
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