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EOS (EOS) technical analysis: Under the bulls

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EOS (EOS) crypto had been under market corrections after the coin established its 52-week high at $8.83. However, EOS coin has, once again, picked up bullish momentum. The all-time high of $22.89 established in 2018 still stands untouched. At the time of writing, EOS stands at a price level of $7.28. The price of the cryptocurrency has increased by 15% in the past twenty-four hours while the daily trading volume has gone up by 90%. EOS is stands at twenty-fourth rank in terms of capitalization in the market.

EOS technical analysis

The market sentiment for EOS coin has turned strongly bullish. Out of the 26 technical indicators, sixteen stand at a buy position while ten are giving out a neutral signal and there are zero indications of sell. The oscillators and moving averages are, both, bullish.

A trader has identified the price movements of EOS to be in the formation of a cup and handle. EOS has completed the cup formation and is underway forming the handle. The cup and handle figure is a bullish one. If the formation is validated then the cryptocurrency will confirm the bullish momentum it is facing and vie for higher price levels. Keeping this is mind, the trader has set a price target at $14 followed by the 52-week high, $22.

EOS developments you should know of

Block.one the organization behind EOS has reached some important milestones that year which have contributed to the bullish momentum of the EOS coin. During the beginning of the year, a consensus was reached on integrating the new EOS PowerUp model into the blockchain. The PowerUp model is designed to solve the problem of high transaction fees through better and efficient resource allocation.

Block.one also announced the official testnet EOSIO in April. The testnet incorporates features like multi-node distributed network, one-click blockchain account creation and many more. The announcement of the testnet is one of the most major developments rolled out by Block.one.

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