EOS Worth Evaluation – EOS Turns Bullish After Weekly 50% Surge, Can It Head Again to the Crypto High 20?

| Yaz Sheikh

Key highlights:

  • EOS noticed a whopping 17.23% worth surge over the previous 24 hours of buying and selling because the coin reached $5.70
  • The cryptocurrency is now up by a complete of fifty% over the previous week of buying and selling
  • In opposition to Bitcoin, EOS pushed larger from ₿0.00007 this week to climb above the 100-day EMA and hit ₿0.000952
EOS worth $5.64
Key EOS resistance ranges $6.00, $6.50, $6.67, $7.16, $7.55
Key EOS help ranges $5.50, $5.00, $4.72, $4.50, $4.42

*Worth on the time of publication

The value of EOS is up by a robust 17.23% in the present day because the cryptocurrency pushes towards $5.70. EOS had been comparatively quiet all through March because it was unable to beat resistance at round $4.50 all through nearly all of the month. This resistance was lastly breached on Wednesday, which allowed EOS to push larger and transfer above $5.00 yesterday.

After breaking $5.00, EOS continued upward to succeed in the resistance at $6.00 (bearish .618 Fib Retracement) earlier than stalling and dropping to the present $5.70 stage.

EOS is a world computing community that’s designed to host dApps, an idea just like Ethereum. It permits sensible contracts to be deployed and executed on prime of the blockchain and the most important distinction from Ethereum is the truth that EOS makes use of RAM to pay for transaction charges as a substitute of GAS. 

One other distinction to Ethereum is the truth that EOS makes use of a Delegated Proof of Stake consensus mechanism (DPoS) versus Ethereum’s proof of labor which requires mining energy. The DPoS elects 21 Block Producers to validate the transactions on the community and produce blocks.

The platform itself went reside on June 14th, 2018, after finishing the biggest ICO in historical past during which it managed to boost round $4 billion.

EOS is now ranked within the twenty third place because it holds a $5.39 billion market cap worth.

EOS worth evaluation

What has been happening?

Having a look on the day by day chart above, we are able to see that EOS has had a comparatively quiet yr relative to the remainder of the market in 2021. It began the yr at round $2.75 and remained at this stage on the finish of January. 

It did begin to surge in February, reaching a peak of round $5.50 earlier than the market reversed towards the top of the month to drop again into the $3.50 help.

Throughout March, EOS slowly began to grind larger, nevertheless it struggled to breach resistance at $4.50 for a lot of the month. This resistance was lastly penetrated on Wednesday as EOS began to climb larger. 

Yesterday, EOS lastly pushed past $5.00 and continued to create a brand new 2021 excessive at $6.00, the place it met resistance at a bearish .618 Fibonacci Retracement stage. It couldn’t overcome this stage of resistance and has since dropped to $5.70. 

EOS worth short-term prediction: Bullish

After creating a brand new excessive for 2021, EOS might be thought-about bullish proper now. It might must drop beneath $4.50 to show impartial once more and must proceed additional beneath $3.40 (200-day EMA) to be at risk of turning bearish within the brief time period.

If the sellers push decrease, the primary stage of help lies at $5.50. That is adopted by help at $5.00 (.382 Fib Retracement), $4.72 (.5 Fib Retracement), and $4.42 (.618 Fib Retracement). 

Beneath $4.00, extra help lies at $3.75 (.786 Fib Retracement & 100-day EMA), $3.40 (200-day EMA), and $3.00.

The place is the resistance towards the upside?

On the opposite aspect, the primary stage of robust resistance is predicted at $6.00 (bearish .6 Fib Retracement). That is adopted by resistance at $6.67 (1.272 Fib Extension), $7.00, and $7.16 (bearish .786 Fib Retracement).

If the consumers proceed to drive past $7.55 (1.618 Fib Extension), extra resistance might be anticipated at $7.85 (bearish .886 Fib Retracement), $8.00, $8.50, $8.65 (2019 Highs).

EOS/BTC worth evaluation

What has been happening?

EOS has been struggling in opposition to BTC in 2021 and created multi-year lows throughout March because it hit ₿0.0000658. The cryptocurrency had dropped from a peak of round ₿0.000117 (bearish .382 Fib Retracement) in February and began to plummet from there.

Fortunately, the bulls began to slowly permit the market to get well after creating the multi-year low throughout the second half of March. On Wednesday, EOS lastly popped again above ₿0.00008 and reached as excessive as ₿0.0001 yesterday, breaking above the 100-day EMA. Sadly, EOS struggled to shut the day by day candle above resistance at ₿0.0000873 (bearish .236 Fib Retracement) and has since dropped to ₿0.0000952.

EOS/BTC worth brief time period prediction: Impartial

EOS might be thought-about impartial after breaking past the 100-day EMA. The cryptocurrency would wish to interrupt above the February highs at ₿0.000117 (bearish .382 Fib Retracement) to show bullish within the brief time period. A break beneath ₿0.00007 would flip EOS bearish once more.

Towards the draw back, help lies at ₿0.00009, ₿0.000085, ₿0.00008, and ₿0.00007. 

The place is the resistance towards the upside?

On the opposite aspect, the primary stage of resistance lies at ₿0.0000973 (bearish .236 Fib Retracement). That is then adopted by resistance at ₿0.0001, ₿0.00011 (1.272 Fib Extension), ₿0.000117 (Bearish .382 Fib Retracement), and ₿0.000124 (1.618 Fib Extension).

If the consumers proceed to drive additional past ₿0.00013, extra resistance lies at ₿0.000134 (bearish .5 Fib Retracement & 200-day EMA), ₿0.000151 (bearish .618 Fib Retracement), ₿0.00016, and ₿0.00017.

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