EOS price is looking for further gains as it continues to move higher for the third session in a row. The current price action suggests the formation of a reversal pattern as it bounces off a stable support level. A resurgence in the buying pressure witnessed a 20% ascent in three days.
- EOS price foresees an uptrend after forming a double support formation.
- Investors could have more buying opportunities towards $3.20 amid the sustained buying momentum.
- The gain in the price is supported by a more than 100% rise in intraday volume at $1,259,274,545.
EOS price moves north
EOS price has been trading in a long-term downtrend after testing the record highs near 14.90 in May 2021. Since then, the EOS buyers attempted to bounce back but face strong resistance around $6.50.
After consolidating near $1.80 in March 2022, the price rallied nearly 45% to the swing highs of $3.18. But, the bulls lack the conviction to carry forward the gains. Once again EOS price has a quick retracement and forms a higher low of $2.12.
The EOS buyers find some discount buying opportunities and scaled up to the recent highs of $2.89. The above-average volume is supportive of the continuation of the uptrend. A consistent buying momentum will bring the horizontal resistance zone at $3.17 into action.
On the flip side, a daily candlestick below the psychological $2.50 will neglect the bull side theory. As in a spike in sell, orders could further drag the price toward $2.0, not far from the early March lows.
The relative strength index (RSI) sliced the average line on April 16 and moved up sharply on the higher side. Currently, it reads at 59.
As of press time, EOS/USD trades at $2.70, up 5.70% so far with an upsurge in the daily trading volumes.
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