EOS/USD Medium-term Trend: Bullish
- Resistance levels: $ 6, $7, $8.
- Support levels: $3, $2, $1.
Last week, the price of EOS was in a sideways trend before the price breakout. On February 8, the bulls broke the 12-day EMA and the 26-day EMA to reach the bullish trend zone. The crypto’s price reached a high of $2.90 but was resisted. The crypto’s price retraced to the support of the 12-day EMA. If the bears break the EMAs, the crypto’s price is likely to fall.
On the other hand, if the bulls sustained a price above the EMAs, the price of EOS will rise to test the $2.90 price level again. Meanwhile, the stochastic is out of the overbought region but below the 80% range. This indicates that the price of EOS is in a bearish momentum and a sell signal. The price of EOS is above the EMAs which indicate that price is in the bullish trend zone.
EOS/USD Short-term Trend: Bullish
On the 1-hour chart, the price of EOS is in a bullish trend. The crypto’s price reached a high of $2.85 and began to range bound movement above the EMAs. The crypto’s price is ranging above the 26-day EMA. If the bears break the EMAs, the crypto’s price will fall. The EOS price is trading at $2.77 as at the time of writing.
Meanwhile, the stochastic is out of the overbought region but below the 40% range. This indicates that the price of EOS is in a bearish momentum and a sell signal. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
EOS has bullish future due to hard fork
Much like the rest of the altcoins, EOS has also recovered from the disaster that was last week. After Bitcoin finally managed to break free from the $10,000 resistance, many altcoins also managed to push through their psychological.
EOS was inches away from $3.50 support level which would then let it fall to $3.0 but luckily managed to hold onto hope with Bitcoin’s surge.
Today’s EOS price analysis will try to focus on the most important resistance and support levels for the altcoin and if there are any developments in the future which could severely affect the price. EOS chart by Trading View EOS price analysis:
Resistance and Support The surge in the crypto market is still being blamed on the rumors of a recession looming over the world in the coming years, but analysts have already debunked it by looking at the trading volumes and a general sentiment of Bitcoin. The bullish trend still remains, especially after institutions found a perfect entry point at $9,800.
The bullish sentiment for EOS is reinforced by low-hanging support levels at $2.65 and $2.60 respectively. Considering the fact that EOS is currently trading at $3.75 at the moment of writing this article, if it does fall to those support levels, it’s game over.
But, there’s bullish speculation awaiting the coin before the hard fork scheduled for September 23rd, which will most likely help it break the $4.0 resistance and maybe even further towards $4.5 before the fork.
However, we all know how hard forks go. It’s likely that after the even occurs, EOS is going to dive nose-first towards the support levels mentioned above.
Huobi’s Multi-Currency Wallet Adds Support for EOS-Based Stablecoin EOSDT
Huobi’s multi-currency wallet, Huobi Wallet, has added support for an EOS-based stablecoin called EOSDT, the eight stablecoin the Huobi Group’s wallet supports.
According to a press release shared with CryptoGlobe, Huobi Wallet and Equilibrium, the framework behind the EOSDT stablecoin, partnered so the multi-currency wallet supports the decentralized EOS-based stablecoin as well as the NUT token.
Huobi Wallet will also reportedly be launching the Equilibrium decentralized application, which will give its wallet’s users a “simple native interface for generating EOSDT” and managing their positions with it. The press release notes Equilibrium was launched in April of 2019, and is a fast-growing framework that collateralized “over 4 million EOS valued at roughly $18 million.”
Its users have reportedly already generated about 5.3 million EOSDT tokens since it was launched, and are earning a 0.3% profit on their collateral. It claims to also support a CPU and NET resource rental market, with liquidity of over 100 million EOS.
The addition of the EOSDT stablecoin means that Huobi Wallet will now support eight stablecoins – PAX, TUSD, USDC, EURS, DAI, GUSD, USDT, and EOSDT – as well as various other cryptocurrencies, including BTC, ETH, and LTC.
Will Huang, the CEO of Huobi Wallet, was quoted as saying:
Our users have a strong demand of stable coins, and Huobi Wallet will keep supporting more of them based on the market’s demands and users’ choice. EOSDT, which is based on EOS, plays a critical role in the EOS ecosystem, and we are pleased to support it in Huobi Wallet.
The Huobi Wallet allows users to control their private keys while supporting various cryptocurrencies, and competes with other multi-currency wallets like Binance’s Trust Wallet, Coinbase Wallet, and more. This year the wallet also revealed it was going to be a Tezos (XTZ) baker, allowing users to earn on their holdings.
EOS Price Analysis: Bears In Control, $3.20 Could Be Next
- EOS price declined below the key $4.000 and $3.800 support levels against the US Dollar.
- The price is now trading well below $3.800 and it could continue to decline.
- There is a crucial bearish trend line forming with resistance near $3.920 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to decline below the $3.500 support level and it could revisit the $3.200 support.
EOS price is gaining bearish momentum against the US Dollar and bitcoin. The price is trading with negative angle and it seems like the bears are eyeing the $3.200 support.
EOS Price Analysis
In the past few sessions, there was a sharp decline in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price struggled to break the $4.150 and $4.200 resistance levels. A swing high was formed near $4.121 and the price started a strong decline. It broke the key $4.000 support level to enter a bearish zone. Moreover, there was a break below the $3.800 support, with a close below the 55 simple moving average (4-hours).
Finally, the price broke the $5.650 support and traded to a new weekly low at $3.515. It is currently consolidating gains and tested the 23.6% Fib retracement level of the recent drop from the $4.121 high to $3.515 low. On the upside, there are many important resistances near the $3.700 and $3.800 levels. Moreover, the 50% Fib retracement level of the recent drop from the $4.121 high to $3.515 low is a strong resistance near $3.800.
The main resistance on the upside is near the $4.000 level (the previous support). Additionally, there is a crucial bearish trend line forming with resistance near $3.920 on the 4-hours chart of the EOS/USD pair. Therefore, the price might struggle to climb above $3.800 and $4.000 if it corrects higher from the current levels.
On the downside, an immediate support is near the $3.500 level. If there are more downsides, the next stop for the bears could be near the $3.200 support. An intermediate support is near the $3.385. If the bears remain in action, there are even chances of a drop to $3.000.
Looking at the chart, EOS price is clearly trading in a bearish zone below the $3.800 pivot level. To move back in a positive zone, the price must break the $3.800 resistance and gain strength above $4.000.
Hourly MACD – The MACD for EOS/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently well below the 30 level and it is moving further lower.
Major Support Levels – $3.500 and $3.200.
Major Resistance Levels – $3.800 and $4.000.