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EOS Price Analysis for 05/09

How big are the chances of EOS entering the Top 10 Coins list?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The weekend started on a relatively positive note for the market; however, some of the coins remain in the red. This mainly applies to Polkadot (DOT), which remains the main loser and has gone down 14.27%.

Top 10 coins by CoinMarketCap
Top 10 Coins by CoinMarketCap

The bearish sentiments of the market have negatively affected the cryptocurrency's market capitalization, which lost $20 billion since last week and accounts for $342 billion.

Cryptocurrency market capitalization
Cryptocurrency Market Capitalization

The relevant data of EOS is looking the following way.

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  • Name: EOS

  • Ticker: EOS

  • Market Cap: $2,879,938,588

  • Price: $3.08

  • Volume (24H): $5,782,672,218

  • Change (24H): 14.44%

The data was relevant at press time.

EOS/USD: Could EOS be the Example for the Market to Follow?

EOS is the biggest gainer from the top 20 coins. The rate for the altcoin has skyrocketed up by almost 15% since yesterday, while the price change from last week has gone down 1.72%.

EOS/USD chart by TradingView
EOS/USD Chart by TradingView

Looking at the hourly chart, EOS continues to rise; however, the following rise is considered a rise after the sharp decline, but not the start of a new bull run. The value from the Relative Strength Index (RSI) has not yet reached the overbought zone, which means that the bulls still have the potential. In this particular regard, the resistance zone would be around the $3.25 mark.

EOS/USD chart by TradingView
EOS/USD Chart by TradingView

Looking at the daily time frame, EOS might have made a reversal after a false breakout at the $2.60 mark. However, the cryptocurrency still lacks energy for a V-shaped recovery, which means that a retest may occur. The low trading volume supports such a scenario, which means that a short-term drop to the support level at $2.86 might happen soon.

EOS/USD chart by TradingView
EOS/USD Chart by TradingView

Looking at the weekly chart, a bullish scenario remains relevant. Even though there are a few chances of setting new local peaks, a retest to $3.69 may occur.

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The high liquidity level around the aforementioned zone supports the following price action. If the bulls can maintain the rate of EOS above $3, then the aforementioned resistance may be attained through the end of the month.

At press time, EOS was trading at $3.04.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com