Today in our altcoin news, we make a brief analysis of the EOS altcoin and see why it could be the best crypto bet for the month.
The price of EOS surged and remained in the green after the upside correction over the previous period. The blockchain-based asset managed to reach an intraday high at $5.84 which is a 4.46 percent increase after the Wednesday open. On the weekly charts, EOS was trading at 17.97 percent higher than the previous week low. This confirmed that the asset was trending for a higher level on an interim basis. The latest push shows that EOS managed to completely recover from its losses during the Bitcoin Cash Hard Fork in November.
Over the past 24 hours, EOS was trading 5 percent higher than yesterday. The Market cap of the altcoin reached a $32 million price level within the same timeframe. The daily volume of the market cap reached $3.35 billion. The trading activity seemed to be going well since there was not only one exchange responsible for the EOS volume.
The candlestick pattern shows that the short-term moving average is going way past the long-term moving average. The pattern creates the so-called ‘’golden cross’’ which shows that a strong bull market is in the making if the price action gets a boost by the high trading volume. The market confirmed the same ‘’golden cross’’ pattern on the EOS hourly charts.
The relative strength indicator is above 70 which means that the altcoin is in the overbought zone. This correlates with the asset testing the $6 price point. As a matter of fact, the price range above $6 will demonstrate a strong price reversal sentiment. There is a huge chance that EOS will start a small correction before it goes on the ‘’fake breakout range.’’
A breakdown action with a strong selling volume could eventually push EOS towards the $4.18 price point on the bearish side.
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