The price of EOS (Blockchain technology) has fallen for five sessions in a row. Given that the price paused close to $1.50, a reversal is anticipated. Momentum oscillators issue alerts about hostile bids.
EOS/USD is trading at $1.51 as of the time of posting for the short term because of the highly volatile smart contract, down 1.94% on the day. Data from crypto market tracker CoinGabbar show that in the last 24 hours, trade volume/market cap decreased by 35% to $4.88.
cryptocurrency market EOS coin price prediction for 2022 searches for a trend reversal | EOS a good investment, A potential trend reversal was identified by investment in the EOS price forecast on the daily chart.
In today's investment advice session, the price produced a Doji candlestick after a significant sell-off in the previous trading day. Now, a "bullish hammer" pattern would be confirmed if the candlestick of the next day is green. A hammer pattern is a type of reversal that typically develops at the end of an uptrend or a downturn.
The price quickly recovered after hitting the low of $1.47, which it did twice on the hourly chart, suggesting that the sellers are worn out. Bulls are optimistic due to an increase in buying activity over the past hour. The increased buying pressure is shown by a large green candle. At $1.53, the coin price makes an attempt to break beyond the 20-day exponential moving average.
$1.60 would be the first price to close above the indicated level on an hourly basis, followed by a session high of $1.79. Although it trades below the midline, the moving average convergence divergence (MACD) has a bullish crossover. It was possible to anticipate further gains if it rose beyond the zero line.
Technical analysis: The MACD maintains its neutral bias above the centre line. On the other hand, a spike in the sell order might buck the bullish hypothesis. If the support level of $1.47 is broken, the losses can go all the way down to the $1.40 level of the 0.50% Fibonacci retracement.
