EOS/USDT Technical Analysis Chart:-

Based on the chart analysis:- EOS is currently trading at $1.21 and appears to be in a parallel channel.

It is currently testing the resistance level at 1, and if it breaks above this level, there could be a potential upward movement.

Source:- Technical Analysis by CryptoPatel on TradingView

However, if it fails to break above this resistance level, it could test the support at $1 once again.

It's important to note that trading decisions should not be made blindly and should be approached with a professional mindset. It's also worth mentioning that the market sentiment could shift from super bearish below $1 to super bullish above $1.96.

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#crypto2023 #cryptotrading #EOS #bitcoin #Trading

#BTC price is attempting to stage a recovery, while #EOS , #STX , #IMX and #MKR are beginning to flash bullish signals.

The United States equities markets made a strong recovery this week but Bitcoin failed to follow suit. This means that cryptocurrency investors stayed away and could be worried by the ongoing problems at Silvergate bank. These fears could be what is behind the total crypto market capitalization dropping to nearly $1 trillion.

The behavior analytics platform Santiment said in a report on March 5 that there was a “huge spike of bearish sentiment” according to their bullish versus bearish word comparison Social Trends chart. However, the firm added that th “kind of overwhelmingly bearish sentiment can lead to a nice bounce to silence the critics.”

Another short-term positive for the crypto markets is the weakness in the U.S. dollar index (DXY), which fell by 0.70 in the past 7 days. This suggests that crypto markets may attempt a recovery over the next few days. As long as Bitcoin remains above $20,000, select altcoins may outperform the broader markets.

Let’s study the charts of Bitcoin and the four altcoins that are showing promise in the near term.

BTC/USDT

Bitcoin plummeted below the $22,800 support on March 3. Buyers tried to push the price back above the breakdown level on March 5 but the long wick on the candlestick suggests that bears are trying to flip $22,800 into resistance.

The 20-day exponential moving average ($23,159) has started to turn down and the relative strength index (RSI) is below 44, indicating that bears are trying to solidify their position. Sellers will try to sink the price below the support at $21,480. If they can pull it off, the BTC/USDT pair may retest the vital support at $20,000.

If bulls want to prevent the downside, they will have to quickly thrust the price above the 20-day EMA. Such a move will suggest aggressive buying at lower levels. The pair may then rise to $24,000 and thereafter rally to $25,250. A break above this resistance will indicate a potential trend change.

BTC/USDT 4-hour chart. Source: TradingView

The moving averages are turning down on the 4-hour chart and the RSI is near 39. This indicates that bears have the upper hand. If the price turns down from the 20-EMA and breaks below $21,971, the pair may retest the support at $21,480.

Instead, if bulls drive the price above the 20-EMA, it will suggest that the bears may be losing their grip. The pair could then climb to the 50-simple moving average. This is an important level for the bears to defend because a break above it may open the gates for a rally to $24,000.

EOS/USDT

EOS broke above the vital resistance of $1.26 on March 3 but the bulls could not sustain the higher levels. However, a positive sign is that the price has not dropped below the 20-day EMA ($1.17).

The gradually upsloping moving averages and the RSI in the positive zone indicate advantage to the bulls. The EOS/USDT pair has formed a rounding bottom pattern that will complete on a break and close above the $1.26 to $1.34 resistance zone. This reversal setup has a target objective at $1.74.

The important support to watch on the downside is the 50-day SMA ($1.10). Buyers have not allowed the price to tumble below this support since Jan. 8, hence a break below it may accelerate selling. The next support on the downside is $1 and then $0.93.

EOS/USDT 4-hour chart. Source: TradingView

The bears pulled the price below the 20-EMA but a minor positive is that bulls have not allowed the pair to slide to the 50-SMA. This suggests that lower levels continue to attract buyers. If the price rises above the 20-EMA, the bulls will again try to clear the hurdle at $1.26. If they do that, the pair may surge to $1.34.

This positive view could invalidate in the near term if the price turns down and breaks below the 50-SMA. That may extend the fall to $1.11.

STX/USDT

Stacks rallied sharply from $0.30 on Feb. 17 to $1.04 on March 1, a 246% rise within a short time. Typically, vertical rallies are followed by sharp declines and that is what happened.

The STX/USDT pair plunged to the 20-day EMA ($0.69) where it is finding buying support. The 50% Fibonacci retracement level of $0.67 is also close by, hence the bulls will try to protect the level with vigor. On the upside, the bears will try to sell the rallies in the zone between $0.83 and $0.91.

If the price turns down from this overhead zone, the sellers will again try to deepen the correction. If the $0.67 cracks, the next support is at the 61.8% retracement level of $0.58.

Contrary to this assumption, if buyers thrust the price above $0.91, the pair may rise to $1.04. A break above this level will indicate a possible resumption of the uptrend. The pair may then rally to $1.43.

The 4-hour chart shows that the 20-EMA is sloping down and the RSI is in the negative territory, indicating that bears have a slight edge. Sellers are likely to defend the moving averages during pullbacks. They will try to maintain their hold and sink the price to $0.65 and then to $0.56. The bulls will try to fiercely defend this support zone.

The first sign of strength will be a break and close above the 50-SMA. The pair may then rise to $0.94 and later to $1.04.

IMX/USDT

ImmutableX (IMX) rebounded off the 50-day SMA ($0.88) on March 3 and closed above the 20-day EMA ($1), indicating solid demand at lower levels.

The IMX/USDT pair could rise to $1.12 where the bears will again try to stall the recovery. If buyers bulldoze their way through, the pair could accelerate toward the stiff overhead resistance at $1.30. This is a crucial level to keep an eye on because a break and close above it may signal the start of a new uptrend. The pair may then soar to $1.85.

Contrarily, if the price turns down from the current level or $1.12, it will suggest that the bears have not yet given up. Sellers will then again try to sink the pair below the 50-day SMA and gain the upper hand. If they succeed, the pair could slump to $0.63.

The 4-hour chart shows that the price is oscillating between $0.92 and $1.12. Usually, in a range, traders buy near the support and sell close to the resistance. The price action inside the range could be random and volatile.

If the price rises above the resistance, it suggests that the bulls have overpowered the bears. The pair may then rally toward $1.30. On the contrary, if bears sink the price below $0.92, the pair may turn negative in the near term. The support on the downside is at $0.83 and next at $0.73.

MKR/USDT

After a short-term pullback, Maker is trying to resume its up-move. This suggests that the sentiment remains positive and traders are viewing the dips as a buying opportunity.

The upsloping moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside. If buyers sustain the price above $963, the MKR/USDT pair may start its journey to the $1,150 to $1,170 resistance zone.

If bears want to stall the bullish trend, they will have to pull the price below the 20-day EMA ($807). If they manage to do that, stops of several short-term traders may be hit. The pair may then decline to the 50-day SMA ($731).

The pair had been trading between $832 and $963 for some time but the bulls are trying to kick the price above the range. The 20-EMA has turned up and the RSI is in the positive territory, indicating that bulls are in command.

If the price sustains above $963, the pair may attempt a rally to the target objective of $1,094. On the other hand, if the price turns down sharply below $963, it will suggest that the breakout may have been a bull trap. That could extend the consolidation for a while longer.

1 EOS foundation is going to grant funds to EOS based applications with EOS EVM launching on April 14

2 Technical indicators of EOS are currently favoring a bearish momentum.It has seen a gain of 3.42% in the intraday session

EOS is a blockchain-based platform who prioritize their security performance and developer experience. It was launched in 2018 by a decentralized group of block producers. They aim to offer a more scalable and user-friendly alternative to existing blockchain platforms like Ethereum. EOS is a third generation layer 1 protocol which has a very transaction speed with low latency. EOS high transaction speed is made possible by its delegated proof-of-stake consensus mechanism. It means that token holders can vote for block producers who are responsible for validating transactions on the network, rather than miners as in a proof-of-work system like Bitcoin. EOS can also support large scale dapps which is made by possible by their unique approach to resource managment. Meanwhile EOS foundation is also going to grant funds to dapps based on EOS.

EOS has a market cap of $1.42 Billion and is ranked 42nd in the cryptoverse.Volume of the asset price has seen a surge of 60% in the past 24 hours.Volume to market cap ratio of EOS suggests a consolidated trend in price.

Are EOS Bears Looking To Push Down?

Source: TradingView

The weekly technical chart of the EOS hints towards a consolidated trend in price. It is forming a bearish candle in the daily chart. EOS is trading near the value of $1.2 with a drop of 2% in the intraday session. Resistance of the EOS can be observed near the value of $1.5.Meanwhile the support of the asset price can be seen near $1.It is trading above the 100 Daily Moving Average. Various analysts are expecting a rise in the asset price in future.

RSI of the EOS is currently near the value of 55 hinting its presence in the neutral zone. There is a downside slope suggesting a downside trend in price.

Conclusion

EOS is going to grant funds to the dapps to boost the ecosystem.Various analysts are expecting a growth in EOS in the future.

Technical Levels

Major Support: $1

Major Resistance: $1.5

#EOS #Binance #crypto2023 #crypto #cryptotrading

The value of #EOS has been decreasing against the US Dollar, much like Bitcoin. If the price falls below the $1.06 support level, it may continue to decline rapidly. However, in the previous week, the EOS price rose above the $1.150 resistance zone and even surpassed the $1.18 level. 

A high was established at approximately $1.231 before the price began to experience a downward correction. The price subsequently fell below the $1.220 support level, resulting in a shift towards a short-term bearish trend. Additionally, the 4-hour chart of the EOS/USD pair indicates a significant break below a crucial bullish trend line with support near $1.150.

The currency pair has recently fallen below the 50% Fibonacci retracement level of the upward movement from the $0.955 swing low to the $1.231 high. Currently, it is trading at approximately $1.12 and is in close proximity to the 50-hour simple moving average.

The immediate resistance is located near the $1.150 level. However, the first major resistance is situated closer to the $1.20 level, and if the price manages to surpass this threshold, it could continue to rise steadily. The primary resistance level remains at $1.230, and a clear move above this point could signal even more significant gains. In such a scenario, the price could potentially reach as high as $1.28, and any further increases could push it towards the $1.300 level.

If EOS fails to cross the $1.150 level, then there is an immediate support level at $1.10. Additionally, the next key support level is located between $1.08 and $1.06, which is close to the 61.8% Fib retracement level of the upward move from the $0.955 swing low to $1.231 high. If the price falls below the $1.06 support level, there is a possibility that it could drop further and revisit the $1.00 support level.

KEY LEVELS :

RESISTANCE LEVEL : $1.16-$1.23

SUPPORT LEVEL : $1.10-$1.06

Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

#coingabbar #crypto2023 #BTC