Between the beginning and end of the week, EOS recorded significant gains according to Anthony Caruana from Finder. Even if the bears have been in control of the market for a long time, they gave the bulls an opportunity to get into the market when they lost momentum earlier in the week. EOS price was able to gain up to 13% during the week and faces a significant resistance at $9. If the cryptocurrency is able to break this level this week, the road will be open for more gains. Even if the gains were followed by consolidation, EOS was still able to keep some gains. Currently, the cryptocurrency is trading between $8.80 and $9,00 after reaching a limit at $8.40.
Weekly Eos Price Analysis
When EOS price was relatively stable, the traders started participating in the market and the volume of EOS increased to about $1.3B/24-hours. Eventually, the trading volumes dipped to about $566 million per 24-hours. The consolidation periods in which EOS traded in a narrow band are evidence that the bears are losing the grip they have of the market even after dragging prices down within the last few weeks.
EOS Price Today / USD
The downward push is facing resistance thus protecting the price from falling further below. The support is around $8.40 and $9.00. As stated in the previous analysis, crossing the $9 mark may be difficult short-term. If EOS is able to break the $9 resistance, the door will be open for more gains and the price will go as high as $9.32 and even $10.
This isn’t surprising as breaching tough resistance levels usually open the doors for more substantial growth when it comes to cryptocurrencies. In June,EOS challenged many support levels which led to quick depreciation. In July, however, the cryptocurrency is testing and breaking new resistance levels thus gaining more in price. If things continue like this, the cryptocurrency will see steady gains.