The EOS price surges by 3 percent on the day and the macro trends of the altcoin remain bearish. However, the EOS rate increased by more than 35 percent only this month and it can be ruled out that the EOS price will form an even bigger ‘’bullish engulfing candle.’’ We can see that the price moves to the 0.382 Fib level and the $3 price point while the horizontal resistance lays between $3.15 and $3.32 so let’s find out more in the EOS news.
The further resistance is waiting for the EOS price according to the golden ratio which crosses the bearish trend line and will form a $4 level. The last high of $5.5 acts as a bigger resistance while the MACD is bullish and the histogram is ticking much higher while both of them are bullish signs. If the EOS price doesn’t manage to break the $3 price point and the support will be available between $2.15 and $2.5.
In the daily exchange rate, according to the EOS news, the exchange rate for the altcoin broke the 50-day EMA and is now on the way to reach the 0.382 Fib level at the $3 value point. The upward trend is not really convincing so the 200-day EMA is waiting for the EOS value surges to form an additional resistance which lies between the $3 value point and the horizontal resistance at $3.3. The EMAs are quite bearish and they crossed the death cross formation.
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It still remains to be seen where Bitcoin will move after the halving event in order to reassess the price situation for EOS. If bitcoin doesn’t rise, there is little reason to believe a bullish value formation will be waiting for EOS. Against Bitcoin, the EOS value is looking in a long-term downward channel and the death cross is intact. The latest EOS news shows that the price has been rejected on the 50-days EMA.
EOS starts working on a new network resource solution for on-chain data storage that will be named ‘’DISK’’ which will provide the developers with a better option to store some types of smart contracts and Dapp data as it was previously reported here on DCForecasts.
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