EOS Climbs 10.18% In Bullish Trade

EOS Climbs 10.18% In Bullish Trade 

EOS was trading at $4.7467 by 03:02 (02:02 GMT) on the Investing.com Index on Wednesday, up 10.18% on the day. It was the largest one-day percentage gain since July 2.

The move upwards pushed EOS's market cap up to $4.31B, or 2.13% of the total cryptocurrency market cap. At its highest, EOS's market cap was $17.53B.

EOS had traded in a range of $4.5696 to $4.8049 in the previous twenty-four hours.

Over the past seven days, EOS has seen a drop in value, as it lost 25.87%. The volume of EOS traded in the twenty-four hours to time of writing was $585.39M or 3.86% of the total volume of all cryptocurrencies. It has traded in a range of $4.18 to $5.94 in the past 7 days.

At its current price, EOS is still down 79.34% from its all-time high of $22.98 set on April 29.

Elsewhere in cryptocurrency trading

Bitcoin was last at $6,224.9 on the Investing.com Index, up 3.1% on the day.

Ethereum was trading at $283.53 on the Investing.com Index, a gain of 9.5%.

Bitcoin's market cap was last at $107.37B or 53.18% of the total cryptocurrency market cap, while Ethereum's market cap totaled $28.71B or 14.22% of the total cryptocurrency market value.

During the past weeks, we saw a major downward move in EOS from well above the $15.00 level. The price trimmed most of it’s this year gains and declined below the $10.00 support.

The daily chart of EOS/USD indicates that the price cleared the 76.4% Fibonacci retracement level of the ride from the $3.96 low to $23.22 high, opening the doors for a complete test of $3.96.

The price is now well below the $8.50 pivot level and the 50-day simple moving average, which is a strong bearish sign. More importantly, the price is following a declining channel in place with resistance at $6.10 on the daily chart.

However, the price is now approaching a crucial support zone near $3.50-4.00, which is the base for the last major ride from of more than $15.00. Therefore, there are high chances of buyers taking a stand near the $3.50-4.00 zone.

In the worst case scenario, there could be a nasty spike below the $3.50 support zone before the price stages a recovery. On the upside, a break above the channel support at $6.10 is needed for a decent recovery.

Above the channel resistance, the 50-day SMA is positioned at $8.00 to act as a major barrier. If EOS buyers succeed in pushing the price back above $8.00-8.50, it will most likely move into a bullish zone.

In the short term, the price may well decline further towards $3.50-3.90 since the market sentiment is very bearish. However, in the medium term, EOS is reaching important supports and buy levels above $3.00. The daily RSI for EOS/USD is near levels (20) not seen during the past few months, indicating a strong oversold condition.

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