EOS Price Forecast: EOS Makes Gigantic Strides Closing the Gap to $5
- EOS price explores the upside while closing the gap to $5.
- A four-hour close above the 200 SMA could validate EOS’s uptrend.
EOS is among the biggest gainers in the market, leading the altcoins in recovery. The previous week’s support at $3.4 allowed bulls to control the price, especially during the weekend session.
Meanwhile, EOS has gained a whopping in the last 24 hours to exchange hands at $4.3. The smart contract token has attracted a massive trading volume across exchanges. Data by CoinGecko shows an aggregate of $1.8 billion in 24 hours.
It is worth mentioning that EOS boasts $4.1 billion in market capitalization, making it the 27th largest coin in the crypto market.
Can EOS sustain the ongoing uptrend?
At the time of writing, EOS trades at $4.3 in the wake of securing support at the 200 Simple Moving Average. A four-hour close above this level will cement the bulls’ presence in the market. Meanwhile, buyers have eyes on $5, a move, if achieved, will trigger more gains toward $10.
The bullish grip on EOS has been reinforced by the Relative Strength Index (RSI) based on the four-hour chart. The rebound from 30 to the overbought region increases the odds for a bullish trend. Therefore, higher support at the 200 SMA adds credence to the bullish outlook.
EOS/USD four-hour chart
A buy signal from the SuperTrend indicator reinforces the bullish grip. Note that this is a chart overlay technical indicator like the moving average. As it follows the trend of EOS, it takes into account the volatility in the market.
The Supertrend indicator is a valuable strategy in technical analysis because it foresees the trend of an asset. A buy signal appeared on EOS’s chart when the indicator closed the day beneath the price and flipped from red to green. If the technical outlook stays intact, we will likely see EOS price uptrend stretching significantly above $5.
XRP/USD four-hour chart
The exact 4-hour chart has a bullish signal from the Moving Average Convergence Divergence (MACD) indicator. As the 12-day exponential moving average (EMA) crossed above the 26-day EMA, a call to buy EOS emerged. In the meantime, the recent MACD lift into the positive territory affirms the bullish outlook.
However, if support at the 200 Simple Moving Average (SMA) shatter, EOS may start to trim the gains accrued over the last three days. A buyer congestion zone at $4 will absorb the selling pressure, but if the selling pressure soars, we expected EOS to explore areas toward $3.4.