EOS price analysis

Recent strong activity in the cryptomarkets which was led by Bitcoin recovery is finally starting to have effects on other major coins as well. EOS which was trading at $7.85 on Monday has climbed by 12% and looks set to break the $9 resistance level. It is currently trading at $8.82.



Unlike other crypto coins the price of EOS has moved in conjunction with BTC. We believe this could be a good sign as BTC is expected to make further gains and push for the $9,000 level.

In the medium term, EOS continues to fluctuate between $7 support and $9 resistance level. The increased downward pressure was sustained as price dropped below $7.8 in the demand area.



As per chart, the price is currently above 12 and 50 day EMAs. The stochastic oscillator is at 45 percent and the signals point upwards. This implies positive momentum for the cryptocurrency in the medium-term.

EOS clearly represents a significant strength when compared to most other cryptocurrencies in 2018. The coin is still well above the low levels we saw during the recent fall where it was trading at just over $6. It is also solidly above the asset-class-wide support pivot which was logged in mid-March.

For those who managed to get the coins during the lows in recent action, key resistance sits just above the $9 based on 50-day and 200-day simple moving averages. We will see strong resistance and sell-off pressure at $10 as it is a good, round number.