With a market cap of $ 3.58 billion, EOS was ranked 17th on the CoinMarketCap list, at the time of writing. The digital asset has seen a steep rise in value over the past week, with EOS trading at $ 5.23 as it neared its next immediate resistance at $ 5.34.
It should be noted, however, that the EOS market has seen its dominant trend repress in recent days.
Four hour EOS graph
The attached chart has highlighted the significant movement of EOS on the price charts over the past three weeks. In fact, in early February, EOS was valued at $ 3. However, thanks to the general bullish trend of the market, the price of the crypto jumped to $ 5.6.
Soon after, EOS recorded a small retracement. EOS broke through two support levels and fell below $ 5 before a sharp rise saw the coin break through resistance at $ 5. The aforementioned rise may allow EOS to rally higher and test the resistance level again.
The surge could be part of the ascending channel pattern that spans the chart. Since the price was previously seen falling, the crypto market has seen volatility slip away, but with the price spike, Bollinger bands have diverged again, pointing to an increase in volatility.
Meanwhile, the signal line and the 50 moving average slid below the candlesticks as the price stabilized. This highlighted that the number of buyers in the EOS market is increasing. Such a buy could push it towards the overbought zone as the relative strength index approached the upper limit at 70.
Despite this bullish trend, however, the EOS market seemed to lack momentum to continue or maintain the bullish trend. The awesome oscillator suggested that the market has lost momentum in the past three to four days. To continue the current trend, EOS may want to look for greater momentum, or a trend reversal may be on the horizon.
The EOS market has seen the bullish side of the market lately. However, it still lacks momentum to keep the trend going. As the crypto-asset moves closer to the overbought zone, selling pressure could emerge and trigger a sell-off, given the asset’s growth over the past week.
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