EOS price has had a volatile 2018 where it has experienced some significant downturns. It had been trading at the critical $5 mark for about one week and with altcoins performing well this Monday, EOS is back above $5. $5.6 has been acting as an important resistance level for EOS with $4.6 a critical support level below. About one week ago, EOS made a gain of over 20%, moving from $4.6 to $5.6 in the space of just one day.
Since this move up, EOS has struggled to stay above $5 and has been subject to the performance of the overall altcoin market. With bitcoin recording a bullish week last week, altcoins have been holding some of their levels over the past week. However, with a bearish head and shoulds forming in Bitcoin, a downturn in the price of bitcoin would most likely result in sharp depreciations across the altcoin market. We may see EOS drop below it’s $4.6 support if this scenario plays out.
We can see from the hourly chart that EOS has been subject to volatile swings after trading in a range. Currently, EOS is back trading in a range around $5.1 to $5.2. For much of the recent trading, EOS has been below the $5 mark but the most recent swing brought EOS above $5 on significant volume. Whether the next big swing is going to be to the upside or the downside probably depends on the broader Bitcoin and altcoin market as a whole. After a bullish week last week, sentiment for cryptocurrency investors and traders is more bullish than usual.
- Altcoin market performs well this Monday with EOS trading above $5
- $4.6 is a vital support, with $5.6 being resistance
- A drop in BTC would likely lead to EOS dropping below $4.6 support
- Currently, the sentiment is more bullish than usual in the market, making another swing to the upside more likely
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