Technical

EOS Price Watch: Bulls Defending Long-Term Area of Interest

Sarah Jenn | May 15, 2018 | 4:01 am
technical analysis altcoins
Technical

EOS Price Watch: Bulls Defending Long-Term Area of Interest

Sarah Jenn | May 15, 2018 | 4:01 am

EOS Price Key Highlights

  • EOS is correcting from its recent rally but appears to be finding support at current levels.
  • This 50% retracement level is within an area of interest where plenty of buy orders are likely located.
  • A bounce off this level could take EOS back to the swing high and beyond.

EOS looks ready to resume its climb as it is encountering some bullish pressure at the current area of interest.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This suggests that the rally is still likely to resume at this point. EOS price is also nearing the 100 SMA dynamic support near the 61.8% retracement level.

The moving averages avoided a downward crossover on the latest convergence, signaling that buyers are putting up a fight. In that case, EOS could be ready to retest the swing high at 23.00 or create new highs.

RSI is heading lower to show that sellers still have some energy to take price down, but the oscillator is approaching oversold levels to reflect exhaustion. Stochastic is also on the move down but is starting to pull up without even hitting oversold territory.

EOS/USD Daily Chart from TradingView

Market Factors

Just last week, the the Chief Financial Officer of Commonwealth Bank of Australia Rob Jesudason reportedly signed on with the firm of the founders of the world’s fifth largest cryptocurrency in the market today, Block.one. This is the private firm which has developed both the EOS token and the blockchain technology behind it.

According to Brendan Blumer, CEO of Block.one:

“Rob Jesudason had ideal skills for the tech-related role in the firm. He has a proven track record of success in global financial services, he also has been involved in the innovation and facilitated regulatory advancement enabling the adoption of new technology in the industry.”

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