Bulls are Engaging; EOS Crypto Surged Over 25% from $0.88 POI

• The EOS price recorded a 9.08% decline during the weekly trading session.
• The cryptocurrency price surged nearly 87% after the falling wedge pattern.
• The trading volume has reached $97.32 million while observing a decline of 18.24% in the last 24 hours.

Powered by the EOS virtual machine, EOS is a third-generation blockchain platform with an extensible WebAssembley engine for deterministic execution. It is an open-source blockchain that prioritizes high performance, flexibility, security, and developer experience. The network uses a delegated proof-of-stake (DPoS) consensus mechanism where stakeholders have the authority to select node operators.

EOS Reflected 77% Stable Returns in the Last Six Month

In October 2023, the EOS crypto price witnessed a crucial change in market sentiments. The price started a bullish reversal from the $0.5266, lasting three consecutive months. The cryptocurrency has recorded over 70% positive rallies during that period.

However, the price faced resistance from the $0.8811 level in January 2024. The price made a bullish correction in the form of a falling wedge pattern. On January 29, the EOS price had a breakout at $0.7102 from that pattern, resulting in an over 80% upsurge to the $01.3667 resistance. Afterward, the price has been facing some selling.

The maximum supply of the tokens is unlimited, which can have a negative impact on the EOS price in the future. The total diluted valuation of the cryptocurrency is estimated at around $1.12 billion. There are 1.12 billion tokens that are circulating in the market. The volume-to-market capitalization ratio (VMR) is at 8.69%, reflecting sufficient liquidity in the cryptocurrency.

Price to Volume and Social Dominance Analysis

The cryptocurrency socially waved over 0.171% in the entire crypto world in December 2023. It positively impacted the price, as shown in the chart. The volume also reflected stability over $100 million during that social hike. However, the social dominance of EOS has been slowly fading in recent sessions, dropping to 0.048%. Conversely, the price is unbothered by this situation and has gained another bullish momentum after February 27.

Technical Analysis of the EOS Price

The key exponential moving averages had a golden crossover at $0.7404, reflecting strong bullish sentiments in the crypto price. The 50-day EMA is acting as a dynamic support in the current sessions. The 200-day EMA remains untouched for a major change.

The EOS price has dropped nearly 35% from the $1.3667 resistance on March 19. It fell on the $0.8811 bullish POI and increased over 25% to the $1.1062 supply level. The current crypto price is making a retracement on the $0.9347 demand zone. EOS price can surge above the $1.3667 resistance if it has a sharp closing above the $1.1062 level, as per the technical analysis.

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The relative strength index (RSI) reflects an internal bearish divergence in the momentum. However, the strength in the momentum is weakening in the current phase. The RSI is moving at 47.42 below the signal line.

Summary

The EOS cryptocurrency price has been moving with strong bullish sentiments since October 2023. The price recorded stable returns of over 75% in the last six months’ sessions. The current price retraces the $0.9347 demand zone. As per the technical analysis, the price can achieve the $1.3667 resistance if it has a sharp closing above the $1.1062 level.

Technical Levels

• Resistance Levels: $1.1062 and $1.3667
• Support Levels: $0.881 and $0.7102

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.