EOS gains from bullish momentum, breaches key resistance at $2.76: Technical Analysis
Well, the cryptocurrency market seems to be on the move and it’s moving in the right direction, at least for the time being. All the top coins including EOS are trading in green and Ethereum [ETH] has regained the coveted number two spot from XRP. Bitcoin is also showing bullish pattern increasing the chances that it might breach the psychological barrier of $4,000. Things seem to be moving in the right direction as far as the investors and crypto enthusiasts are concerned and many believe that 2019 might act as the tipping point for the cryptocurrency industry when they will take that final step and reinforce their presence in the mainstream consciousness.
EOS is another currency that has also witnessed a growth in the past 24 hrs. At the time of print, the number 5th largest currency in terms of market cap is trading at $2.72, up by nearly 4 percent in the last 24 hrs. Some experts believe that EOS might touch $20 in 2019, which in itself a bold prediction and we will have to wait to see how things turn out in 2019. Prices are continuing to struggle to trade above $2.7600, a critical resistance level for the coin.
Currently, EOS is trading well above the support level which is $2.3568. The currency has also breached the resistance level which is at $2.7600 and is trading above it. The hourly RSI indicator is at 64.8210 which shows that the coin is experiencing high selling pressure. Right now the coin is trading between $2.5910 and $2.8084. The MACD suggests that the digital asset is showing bullish trend and the EMA line is showing an uptrend.
The cryptocurrency has gained nearly 1.61 percent against Bitcoin [BTC] and I EOS is equivalent to 0.00070523 BTC.
In a positive development, one of the leading cryptocurrency exchanges in the world, Singapore-based Huobi announced on Saturday that its mining arm, Huobi Pool will launch the company’s first exchange in Q1 of 2019. Speaking about this development, Cao Fei, Huobi Pool’s CEO said, “As an EOS super node, Huobi Pool has placed its ecological development high on its list of priorities. Launching this EOS exchange is simply the next logical step in our support.”
In another development that might come as a surprise to many, EOS topped the blockchain index list announced by China’s Center for Information and Industry Development (CCID). The coin in fact attained the top spot by beating Bitcoin and Ethereum.
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