EOS Capped in Range: Can EOS Bulls Succeed In Breaking Out?

Throughout the week, EOS token formed multiple doji candlesticks and capped in a closed range. Amidst the bulls’ efforts, sellers secured a strong grip

EOS price The upward trend continues even after the burnout The price increase is slow and it still remains within the downward trend line, so although it is one step away, the trend has not yet changed.

The technical structure indicates a downtrend, with the price above the 20-day EMA, but the key milestone cluster around $0.6800 has yet to be broken out.

Until this key resistance is breached, EOS will continue to trend down around the 100-day EMA. Breaking above the aforementioned milestone could enter a sharp uptrend and quickly move towards $0.7000.

It is also trading within a tight range, with a range break imminent. However, volume is below average, which is a concern for bulls.

The stock was recently trading at $0.598, up 2.30% from the previous day, indicating neutral sentiment. It is ranked 88th and has a market capitalization of $876.58 million.

EOS stalled at the top of the range: Will the bulls succeed in breaking?

Throughout the week, EOS tokens formed multiple daily doges and stayed within a narrow range. Amidst the bulls' movement, sellers are also persistent, and the bulls have not been able to break out of the milestone cluster around $0.6000.

Looking at the technical structure, EOS has risen from the bottom and has recovered considerably from the lows of $0.4600. It has since lost momentum and is trapped in a narrow range.

@ero_crypto said in a tweet that EOS is hinting at a reversal on the high time frame, but it has not been confirmed yet.

The RSI curve shows a bullish development, most recently at 55, reaching overbought territory with a positive crossover.

At Fibonacci levels, EOS is still in a downtrend around 38.2%. A significant move up from around $0.6600 could change the trend and send the token even higher.

Social Dominance and Weighted Sentiment Insights

Weighted sentiment data is below the midpoint as prices rise. This signals a bearish development, with investor sentiment leaning bearish.

Meanwhile, the social dominance curve has risen sharply and is approaching 0.111%, indicating a huge upsurge in online discussions and media buzz regarding EOS.

Settlement total chart

Recently, short token liquidation was $144,000 and long liquidation was $2,689,000.

This indicates that sellers have momentum and buyers are in trouble. This can create imbalances in price trends and potentially lead to significant profit taking.

The recent liquidation will impact the token price and if the price falls, buyers will focus on the immediate support zone at $0.5300, followed by $0.5000. Conversely, if the token gains momentum and breaks out of the range, it will retest the ascending zone at $0.6200 and then $0.6500.

After recording a price increase of over 2.30%, futures open interest data increased by over 3.20% to $77.80 million, indicating that futures longs were added in the past 24 hours.

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