Deutsch한국어 日本語中文EspañolFrançaisՀայերենNederlandsРусскийItalianoPortuguêsTürkçe
Portfolio TrackerSwapBuy CryptoCryptocurrenciesPricingWalletNewsEarnBlogNFTWidgetsCoinStats MidasDeFi Portfolio Tracker24h ReportPress KitAPI Docs

EOS Price Analysis - EOS Explodes After Block.One Drop $10 Billion On New Exchange

3y ago
bullish:

5

bearish:

0

Key highlights:

  • EOS surged by a whopping 44% today as it breaks back above $10 and hits as high as $14.86.
  • The surge allowed EOS to reach a high not seen since June 2018.
  • Against Bitcoin, EOS also started to climb higher to reach ₿0.00026 but has since dropped beneath ₿0.000233.

Buy EOS on Binance

EOS price $13.25
Key EOS resistance levels $14.86, $15, $15.51, $16, $16.73
Key EOS support levels $13, $12.35, $10.83, $10, $9.60, $9

*Price at the time of writing

EOS saw a massive 44% price surge today as the coin reached a high of $14.86, a price not seen since June 2018. The cryptocurrency started to rally at the beginning of May as it pushed higher from $6.50 to reach $13.

It reversed from $13 last week but managed to find solid support at around $9 over the weekend.

Today’s price surge is largely driven by the fact that Block.one, the company that created EOS, invested a huge $10 billion to start a new centralized cryptocurrency exchange called Bullish Global. According to their announcement, they supplied 165,000 Bitcoin and 20 million EOS tokens - alongside $100 million in cash to get the exchange off of the ground. Additionally, they also managed to raise over $300 million in strategic funding.

The new cryptocurrency exchange is slated to use existing tokens from the EOS network and incorporate features such as lending and automated market-making tolls so that algorithms will set the price of assets. By the looks of it, it seems as if EOS is trying to get a slice of the booming DeFi market by incorporating an AMM into their new exchange.

Given the fact that the exchange has billions in investment from the off-set, we can certainly expect Bullish Global to turn into a major exchange over the coming months with the amount of marketing we can expect from this type of budget. Interestingly, the $10 billion investment is almost as much as the market cap of EOS.

EOS is now ranked in the 16th position as it holds a $12.58 billion market cap value.

EOS Price Analysis

What has been going on?

Looking at the daily chart above, we can see that EOS has been rallying all month long. In fact, it is up by a total of over 100% over the past month as it currently sits around $13.35.

The cryptocurrency had been trading inside an ascending price channel from February through April. It found support at the lower boundary of this price channel at the end of April and started to rebound.

In the first few days of May, EOS bounced from the 20-days EMA at around $6.50 and started to surge. It managed to break the upper boundary of this channel last week as it broke above the $13 resistance. From there, it headed lower again but found support at around $8.00 (20-days MA) at the start of this week.

The announcement of the new exchange launching caused EOS to surge into highs not seen since June 2018. The cryptocurrency smashed back above $10 and continued further above $13 to reach the current high of $14.86.

EOS price short term prediction: Bullish

EOS is now extremely bullish. The coin would have to fall beneath $7.10 (50-days EMA) to turn neutral again and would have to continue beneath $6.00 (100-days EMA) to be in danger of turning bearish in the short term.

If the sellers push lower, the first level of support lies at $13. This is followed by support at $12.35 (.236 Fib Retracement), $10.83 (.382 Fib Retracement), $10, and $9.60 (.5 Fib Retracement). Additional support lies at $9.00 (20-days EMA) $8.65 (2019 highs), $8.38 (.618 Fib Retracement), and $7.10 (50-days EMA).

Where Is The Resistance Toward The Upside?

On the other side, the first level of resistance lies at today’s high of $14.86. Beyond $15, resistance is expected at $15.51 (1.272 Fib Extension), $16, $16.73 (1.414 Fib Extension), $17.50 (short term 1.414 Fib Extension), and $18.50 (1.618 Fib Extension).

Additional resistance lies at $19.20, $20, and $21.32 (1.618 Fib Extension - blue).

What has been going on?

The situation is fairly similar for EOS/BTC. The cryptocurrency had already been surging at the start of May as it reached above ₿0.00022. From there, it headed lower last week until support was found at ₿0.00016 over the weekend.

The exchange announcement today caused EOS to explode yesterday and it reached as high as ₿0.00026 today. It has since dropped slightly as it now trades at ₿0.0002339.

EOS/BTC price short term prediction: Bullish

EOS is also considered very bullish against Bitcoin. The coin would need to fall beneath ₿0.000156 (.618 Fib Retracement) to turn neutral. It would need to continue further beneath the support at ₿0.00012 (100-days EMA) to be in danger of turning bearish.

If the sellers push lower, the first support lies at ₿0.000221 (.236 Fib Retracement). This is followed by support at ₿0.000205 (November highs), ₿0.000196 (.382 Fib Retracement), ₿0.000176 (.618 Fib Retracement), and ₿0.00014.

Where Is The Resistance Toward The Upside?

On the other side, the first resistance lies at ₿0.00026. This is followed by resistance at ₿0.000276 (1.272 Fib Extension), ₿0.000297 (1.414 Fib Extension), ₿0.000306 (1.414 Fib Extension - orange), ₿0.00032, and ₿0.000327 (1.618 Fib Extension).

Additional resistance lies at ₿0.00034, ₿0.00036, and ₿0.000367.

Previous Technical Analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent technical analysis articles:

3y ago
bullish:

5

bearish:

0

Manage all your crypto, NFT and DeFi from one place

Securely connect the portfolio you’re using to start.