Of the top 10 cryptocurrencies today, EOS has gained some traction as it has held its gains against BTC even with the brief correction in the market. From the look of things, EOS price may have bottomed out after three months of being on the decline. EOS price has built a strong support at the 0.236 Fibonacci retracement level of the last wave and the next few days of trading will determine if the cryptocurrency will launch a reversal in the support area. If it cannot hold this level, the cryptocurrency will continue to fall even while the price of Bitcoin rises in the market.
EOS Price Analysis For July 26
It you look at the 4-hour EOS to USD price chart you’ll see, the cryptocurrency has been in a falling wedge pattern since May. It has been consolidating between the lower support and upper resistance levels. After the delay of the EOS Mainnet launch and everything that happened after that, EOS has struggled to rebuild the confidence of the community members and generate bullish momentum. The delay in the launch of the Mainnet among other things led to a 47% lose in value in June.
EOS Price Today – EOS / USD
However, the charts show that EOS price may have reached a bottom and is now on the way to the top. The support area is gradually going higher toward $10. There is an ongoing flippening from the bearish to the indicators to the bullish indicators right under the price action. This signals an upcoming uptrend.
Over the past week, the trading volume for EOS has also increased dramatically. The MACD reveals that the momentum toward the price signal line is increased and the FAST moving average is converging above the slower MA. The Relative strength index is slightly above the oversold market level and it is moving back into the center of the index channel.