- The 1-day and 4-hour worth buildings each confirmed bullishness.
- A ten% worth bounce appeared imminent, based mostly on the liquidation heatmap.
The weekend was type to EOS [EOS]. On the twelfth of April, EOS rallied 13.68% from $0.619 to $0.704. Two weeks earlier, it managed to interrupt the bearish every day market construction by blasting previous the $0.641 resistance (pink).
At press time, EOS bulls have been battling to defend the $0.64 area as assist. They seem to have succeeded, based mostly on the proof at hand.
The market sentiment was nonetheless barely fearful, and Bitcoin [BTC] would affect whether or not EOS may proceed the restoration.
EOS bulls defend the $0.65 demand zone and search to push increased
Supply: EOS/USDT on TradingView
The bullish market construction break on the 1-day chart got here towards the top of March, when costs rocketed previous $0.641. Since then, a better excessive at $0.884 and a better low at $0.588 have been set.
Therefore, traders can have a bullish outlook for EOS. The 90-day tariff pause announcement by the US was not sufficient to clear up the uncertainty within the wider market, and EOS bulls should tint their bullishness with warning.
The OBV was in an uptrend in current weeks, and the RSI remained above impartial 50. Collectively, the symptoms and the value construction confirmed causes to be bullish.
Supply: EOS/USDT on TradingView
The 4-hour chart bolstered this view. It, too, has a bullish construction after Saturday’s rally took it past the decrease excessive at $0.6645.
Moreover, based mostly on the retracement in April, a set of Fibonacci retracement ranges have been plotted. They confirmed that the 78.6% degree at $0.614 was examined earlier than the bullish reversal.
This was one other bullish sign on the decrease timeframes. The $0.71 space has rebuffed the bears, however a transfer increased appeared probably.
Supply: Coinglass
The 1-month liquidation heatmap highlighted the $0.72 and $0.8 areas because the close by magnetic zones of curiosity. There was some liquidity constructed up at $0.63-$0.64 that might be examined within the coming hours.
Given the H4 bullish construction, it appeared probably {that a} transfer to $0.72 was imminent. If BTC can preserve its upward momentum, EOS may prolong its positive factors and attain the $0.8 resistance over the approaching week.
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion