BTC/USD Daily Chart:

Bitcoin Daily Chart – Source: Tradingview.com

With the market leader Bitcoin meeting key support at $3300, other major cryptocurrencies are behaving similarly and halting their declines.

EOS is one of the major cryptocurrencies which is recording some more bullish movements after a steep decline which took place amid the bearish market conditions.

EOS/USD Daily Chart:

EOS Daily Chart – Source: Tradingview.com

EOS has entered a trading range from around $1.7 to $2 after a steep decline. The steep decline brought price from near $5.4 to about $1.55 as price struggled to break out of the steep downward trend that formed.

The recent range trading has resulted in price finally breaking out of the downward trend. The momentum has also started to shift towards the buyers with both the MACD and RSI increasing.

How EOS exits the range is likely to be determined by the movements of the market leader Bitcoin.

If Bitcoin can continue to hold above support at $3300 and increase, EOS is likely to follow and break above $2. If Bitcoin breaks below and closes under $3000, a break below $1.7 is expected for EOS.

EOS/USD 60-Min Chart:

EOS Hourly Chart – Source: Tradingview.com

The hourly chart shows very recent price action and how EOS has traded within the range in closer detail.

The price currently trades near the upper end of the range after recording bullish movements along with the market leader Bitcoin.

Key Takeaways:

  • EOS trades in a range after a steep decline which took place during the bearish market conditions.
  • Bitcoin meeting support at $3300 is likely a big factor in EOS exiting its downward trend and entering the trading range.
  • EOS trades near the upper end of the range after recently recording bullish movements in line with the rest of the market.
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

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