EOS Price Movement Analysis for 5th April, 2021

Spread the love

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.

Reasoning

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.

RECOMMENDED READ:  Binance Coin achieves new milestone with  new ATH of $60

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.

 

 124 Interactions,  4 today

READ ALSO:
Monero, Neo, Verge Price Movement Analysis for 16th April, 2021

The altcoin demand has always been heavily associated with Bitcoin's valuation, and this was apparent over the last week. Many Read more

BAT, Compound, Litecoin Price Movement Analysis for 16th April, 2021

Basic Attention Token was returning to its range lows, while Compound was moving almost vertically north. It could see a Read more

EOS, Maker, Synthetix Price Movement Analysis for 16th April, 2021

EOS is expected to find good support in the $6.8 range. If Bitcoin stabilises above $60.5k, altcoins will be able Read more

Tezos Price Movement Analysis for 16th April, 2021

Tezos' price has risen by more than 9% in the last 24 hours, and it has been doing so since Read more

Bitcoin Cash Price Movement Analysis for 16th April, 2021

Bitcoin Cash has seen heavy bullish traction since the last week of March, with BCH exhibiting a consistent uptrend that Read more

Gold Price Movement Analysis for 16th April, 2021

The gold price (XAU/USD) rose 1.78 percent on the day as bond yields fell in response to mixed US results. Read more

Tron Price Movement Analysis for 16th April, 2021

After a quick rally this week, the Tron price has withdrawn. TRX is currently priced at $0.1538, which is marginally Read more

Dogecoin Price Movement Analysis for 16th April, 2021

The Dogecoin price is on a parabolic rise, with the highly-controversial cryptocurrency up by more than 90% in the last Read more

Bitcoin Price Movement Analysis for 16th April, 2021

Today, the Bitcoin price is plummeting as buyers race to win after it hit an all-time high of $64,945. Bitcoin Read more

Ethereum, Stacks, UNI Price Movement Analysis for 16th April, 2021

Ethereum showed a bearish divergence, which might cause the price to return to $2,370. However, gains in the altcoin market Read more

Leave a Reply

Contact Us