EOS has some uniqueness and potential to progress in the smart contracts domain. A smart contract that aims to eliminate transaction fees while conducting millions of transactions in each second. While EOS is still under development, the prospects presented by this cryptocurrency are on a whole new level.
EOS has some potential but as the crypto market grows, so does the smart contract domain. EOS technical analysis shows some promising price momentum.
EOS Cryptocurrency Price Analysis
From an all-time high of $14.56, EOS has fallen to quite a low value, but the long-term support at $3 has acted as a buying zone previously on two different occasions. While EOS is still reeling from selling pressure on daily charts, price momentum on a shorter time frame is much sharper.
EOS has again bounced from the $3.16 value towards a new intraday high of $3.41. The support from $3 levels has again been successful in reviving the buying sentiment. RSI has reached almost the overbought zones, as EOS rushed more than 3% in an hour. MACD indicates a positive swing, but consolidation after a short rally can pull EOS back to the levels buying started from.
This momentum needs to take EOS above the $3.8 and $4.5 levels to convert the buying sentiment on daily charts. The required upside momentum might now come in a single swing.
Bollinger bands have created a narrow zone, which is showing potential for a good rally. As long as the price remains above the midline, closing towards the higher moving average line, there is nothing to worry about. EOS can still fall to lower levels, but as long as it defends the $3 mark, investors can take a risk for small profits in a shorter time frame.