While Bitcoin has been continuing to consolidate, EOS has been slowly increasing as it approaches $6 territory. The 50 EMA acted as a dynamic resistance point for EOS for much of the past two weeks but EOS has closed above this point, and the 50 EMA may now act as support. Since closing above the 50 EMA, EOS has had two consecutive drops, but they have been on minuscule volume showing little strength behind them.
The price has been forming higher highs and higher lows over the past two weeks and now trades at around $5.9. However, much of Bitcoins recent performance has been mirrored in the altcoin markets. Bitcoin has been consolidating on low volume with RSI trading around 50 showing equal pressure from buyers and sellers. Although EOS has been increasing, the rise has been slow and a small representative of the consolidation in the overall cryptocurrency market. With Bitcoin representing over 52% of the total cryptocurrency market cap, its movements have a significant impact on the overall market.
However, there are some important differences between EOS and Bitcoin. While Bitcoin has been forming higher lows but lower highs, EOS has been forming both higher highs and higher lows. Bitcoins RSI has also been consolidating towards 50 while the RSI of EOS has been steadily increasing showing developing buying pressure. The MACD in Bitcoin has also been entirely flat showing no dominance in momentum to either the buyers or the sellers. The MACD in EOS has been diverging to the upside showing more momentum to the buyers than the sellers. While the technicals in EOS look more bullish than many counterparts, movements in Bitcoin will still be expected to have a large impact. But if a bullish breakout in Bitcoin occurs, EOS would be a likely candidate to outperform.
- EOS steadily increasing while market leader Bitcoin continues consolidation.
- RSI and MACD also increasing for EOS while staying flat and around 50 for Bitcoin.
- Bitcoin is still expected to have a large impact on the future price action of EOS, but EOS could very well outperform in the event of a bullish breakout.
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