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EOS Price Analysis- April 1, 2021

Bitcoin has rebounded strongly from around $51K to around $59K in the past week. It has led altcoins to surge as well, including EOS.

EOS is a next-generation, open-source blockchain protocol with industry-leading transaction speed and flexible utility. The altcoin, once listed in the top 10 of the crypto market before, is ranked 26th with a market cap of $4,697,429,771.

EOS token, following a 31.55% spike in the last seven days, had recovered its losses and broken through the previous downward trend. At the time of writing, this altcoin is trading at $4.93.

EOS Price Analysis

Source: EOS/USDT Daily via TradingView

Yesterday’s candlestick showed a long lower shadow pattern, which proved that the bears wanted to suppress the price downward, but the bulls continued to buy the dips, pushing the price higher than the opening price.

The transaction prices of EOS/USDT for recent days were much higher than the Exponential Moving Average ribbon. It proves that EOS has jumped out of the previous downward trend.

The Relative Strength Index (RSI) indicator and the upward sloping Exponential Moving Average ribbon indicate that the bulls are currently dominating the market for EOS.

Judging from the MACD chart, the blue MACD line and the yellow Signal line have been hovering near the zero axes for a long time since March 10. But the current situation has changed as the blue MACD line has been bent upwards with a bullish crossover.

EOS’s price is expected to hit the resistance level of $5.60. If the bulls successfully break this resistance level, the next level for the market’s bulls to aim for could be the $8.00 point.

However, if a large number of sell orders are triggered, then EOS/USDT will likely retest the 20 day-Exponential Moving Average of $4.19 support level. If the bulls fail to defend $4.19, then the $3.64 resistance will be tested.

EOS Price Surges by 110% Within Three Days

EOS, a platform that is designed to allow developers to build decentralized apps with its native token “EOS”, has seen its token rise for three consecutive days by 110%. Yesterday, EOS broke the psychological barrier of $10 yesterday.

This rise may be related to the new project EOS’ parent company Block.one is currently exploring. According to sources familiar with the talks, Block.one may have purchased the domain name Bullish.com for $1.08 million.

According to previous media reports, Bullish is expected to conduct an initial public offering (IPO) through a special-purpose acquisition company (SPAC) in the middle of 2021.

At the same time, the power-up model of EOS also provides a more favourable way for EOS holders to make money.

This protocol allows traders to pay a fee to power up their account for 24 hours in order to conduct transactions on the network without having to pay transaction fees for each transaction.

According to Coinmarketcap, EOS, the nineteenth-largest cryptocurrency with a market cap of $ $20,285,290,163 has risen by 92.56%% in the past 7 days.

At the time of writing, EOS is trading at $12.22.

EOS Price Analysis

Source: EOS/USDT Daily via TradingView

Judging from the daily candlestick chart, in tandem with EOS’ explosive growth, its transaction volume has also been surging. The daily trading volume for EOS on the Binance crypto exchange is as high as $244.233 million, which is the highest EOS trades has climbed since the token’s listing on Binance. This also means that the bulls are buying in bulk.

But today, the enthusiasm of the bulls seems to have weakened. Although EOS touched $13.25, it has still yet to retest its all-time high of $15.68, which was attained on June 2, 2018. Today’s long upper shadow line of the candlestick indicates that the bears are triggering a number of sales.

Due to the declining linkage of the mainstream cryptocurrency Bitcoin, EOS bulls seem to be hesitant to enter at such a high price.

Bitcoin bulls are actively defending the $56,000 support position.

The transaction price of EOS/USDT is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD index indicate that the bulls are currently dominating the market.

Stochastic RSI is reaching the overbought zone, exceeding the 80 mark. A reading above 80 suggests that the RSI may be reaching extreme highs and this could signal a pullback from EOS altcoin.

In the short term, EOS/USDT is likely to experience a horizontal movement around $11.00 before it tests its record-high of $15.68.

Block.one Raises $10 Billion in Bullish Global Launch, Triggering a 50% Increase for EOS Token

Block.one, EOSIO’s open-source parent company, announced the establishment of a new subsidiary, Bullish Global.

The company launched Bullish, a cryptocurrency trading platform based on the EOS blockchain.

The platform will combine centralized and decentralized crypto exchange infrastructure to provide traders with lending, and portfolio management tools to promote deeper digital asset liquidity through a new Automated Market-Making (AMM) mechanism.

The CEO of Block.one Brendan Blumer commented on cryptocurrency exchanges that will be available to the masses later this year. He said:

“The Bullish exchange will leverage blockchain technology and a new market architecture to revolutionize the high-performance trading landscape by transparently automating expensive third-party functions and turning them into yield-generating portfolio management tools to offer institutions and individuals better and safer access to the latest cryptocurrency investment strategies.”

According to the official announcement, EOSIO developers revealed that Bullish Global has raised more than $10 billion in funds, including Block.one’s initial investment funds of $100 million, 164,000 BTC, and 20 million EOS and a total value worth 300 million strategic investment led by the co-founder of Palantir Peter Thiel, the co-founder of Brevan Howard Asset-Alan Howard, and other celebrities.

Stimulated by the good news, EOS rose by 55.50% in 24 hours. In the past 7 days, it has recorded a total increase of 93.48%.

EOS Price Analysis

Source: EOS/USDT Daily via Tradingview

At the time of writing, EOS is trading at $13.95.The current price of EOS is still a long way from its all-time high of $23.08, which was set in 2018 on Huobi global exchange.

There has been some selling pressure encountered by the token in mid-to-late January and early June 2018, near the $14 to $15.50 level. However, based on the trading volume, the previous volume is relatively small. Although EOS may experience some selling pressure ahead, both the upward sloping moving average and the MACD index indicate that the bulls are currently dominating the market.

Stochastic RSI is reaching the overbought zone, accompanied by a bullish crossover over the 80 mark. This suggests that the RSI may continue to reach extreme highs and this could be a bullish signal for the EOS altcoin.

If the bulls can push the decisive closing price above $15.50, then the bullish momentum may prompt EOS to retest its all-time high of $23.08.