EOS is trending downwards after a brief stinch upwards subsequent to the market crash. Like all the major cryptocurrencies, EOS also appears to be in a consolidation phase with no trend confirmed as of yet. The price of EOS coin is oscillating wildly. At the time of writing, EOS stands at a price level of $5.40. The price of the cryptocurrency has increased by 10% in the daily timeframe while the daily trading volume has declined by the same percentage.
EOS Technical Analysis
The market sentiment for EOS coin is bearish – as is for most cryptocurrencies. Out of the total technical indicators, thirteen are giving out an indication of sell with nine standing at a neutral position and only four indicators at a bullish buy. The oscillators are neutral while the moving averages are strongly bearish.
EOS appears to be operating in a triangular formation. The price has been oscillating but moving gradually upwards in the formation. Given the recent bullish move of EOS, a break out to the upside can be expected. If EOS regains bullish momentum and breaks out upwards the potential price target at $7.16 will be activated. However, EOS coin can also breakout to the downside or fail to sustain bullish momentum after a positive break out. If the lower boundary of the formation fails to act as strong support for EOS, then the price level of $4.66 can be expected to uphold the cryptocurrency. The upcoming price action will determine the trend of the cryptocurrency.
What is EOS?
Eos is a platform built to facilitate the use and creation of decentralized applications. EOS’s platform provides the full range of educational resources and tools that are required to aid programmer in the dApp building process. The aim of EOS coin is to help boost the adoption of dApps and blockchain technology. EOS’s blockchain also aims to provide greater scalability and security to users.