EOS price analysis for May 29th, 2019: The new price is a real thing

During last Sunday, at 16:30 UTC approximately, EOS started to rise. It went as high as USD 7.02, and it’s sustained that level since then. It’s gained 2.3% in the last 24 hours and 29.41% in the previous seven days, so the weekend was great for EOS holders. Let’s see today’s technical analysis and figure out how much better it can get.

24-hour technical analysis

The current price is at USD 8.13, and there is no clear trend right now. The Bolliger bands have narrowed down a lot because the price has remained basically stable at the USD 8,00 level for quite some time now.

That being said, things look good. The price is above the market’s pivot point (6,669), and there’s a slow upwards movement towards the first resistance level at 8,1283. That first resistance level has been quite significant during the day because even as the price surged over the last hours, it went as high as $8.13, but it’s remained around there, moving sideways. You could say that the bulls have been pushing to reach the first resistance since 21:00 UTC yesterday but haven’t managed to get there.

The good news is that significant trading volumes accompanied the increase in price, so the new price is a real thing and chances are that it’s not going to go back down any time soon.

In the daily scenario, every technical indicator and every moving average is in deep green numbers. So maybe you won’t get rich by trading in EOS today, because it could be stuck at the resistance level for a while, but at least chances are you won’t lose either.

Monthly technical analysis

The monthly scenario is more encouraging in some ways because the EOS price has already broken the first two resistance levels. The third one is at $9.6192, which is a long way up. The monthly information, combined with the 24-hour technical suggests that real resistance is not really at the current levels but at USD 9,6192, which, in turn, also indicates that EOS is not likely to go down and that it could still go up by something like 50 cents in the next few hours.

The market is 86% bulls.

So the event of the day would be to see the price reach and overcome the $8.5 resistance level. If that should happen during the next 24 hours, then we could see another surge comparable to Sunday’s one. It’s anybody’s guess how likely that is, but there’s momentum in the market, and the third monthly resistance level allows for enough space for that since in that context two resistance levels are already behind us.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.