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EOS Price Gains 3% In 24 Hours As Bulls Battle Major Resistance: Will They Keep Their Selling Appetite In Check?

02/20/2023
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EOS price is up 27% in the last month, 17.5% in the last week, and 3% on the last day to trade at $1.24 at press time. This was 146.30% higher than its all-time low recorded in October 2017. The bulls are still building from the Friday and Saturday gains, solidifying the bullish grading. However, selling appetite continues to grow.

EOS price statistics
EOS Price Stats, Source: CoinGecko

EOS Network Foundation Pumps Investor Confidence With Positive Announcements

All signs point to a continued rally as bulls maintain the $1.8 target predicted on Saturday. The positive sentiment still hinges upon the major development announced by the EOS Network Foundation (ENF) concerning Season 5 of the Pomelo Grants Pool Funding.

The network is still pumping investor confidence in the token with more announcements. Hours ago, the ENF released the monthly report detailing everything that took place on the network across January 2023.

The report’s highlight was the EOS EVM going live on Testnet on January 23. ENF established the EVM+ working group in early 2022, commissioned to deliver an Ethereum Virtual Machine (EVM) on EOS. The EOS EVM boasts full RPC compatibility, predictable gas usage, billing, and ETH precompiles as EOS intrinsics.

According to an ENF official, “Not only is EOS EVM by far the most performant EVM (800+ swaps per second – 4x faster than Solana), but we have improved the token model.” Notably, EOS will be the native token for EVM.

Beyond enhancing use cases for the EOS token, the EVM will also “provide an instant on-ramp for Solidity developers to build on EOS while leveraging all of the tools, libraries, and open-source code with which they are already familiar.”

To expedite the integration of Solidity projects, the ENF provides developers access to funding through the Pomelo, direct grants, and the EOS Yield+ liquidity incentive program. With these, EOS EVM is bringing new users who are eager to leverage EOS’s speed and efficiency.

The network also urged community members to read the ENF’s quarterly report, highlighting some of the most important milestones the EOS has achieved in the past several months.

The quarterly report first came on February 1, presenting an in-depth document to get community members up to speed concerning the growth recorded by the EOS ecosystem in the final months of 2022. In the report, ENF CEO Yves La Rose pens an open letter to community members, saying:

Through direct investments, a grant framework, sponsored working groups, Eden(s), and Pomelo, the ENF takes a multi-pronged strategic approach towards funding and enabling the EOS community to create positive sum games to mature EOS into a best-in-class Web3 smart contract platform and blockchain ecosystem.

The 40-page quarterly report explains how a small group of thoughtful, committed citizens continues to change the world and concludes with a promise that “2023 is going to be an exciting year for EOS!” The CEO hopes to lead his team in their work to accelerate the human experience of what is possible with Web3.

Will EOS Breach the Major Resistance?

With the EOS price currently trading at $1.24, bulls were confronting the major resistance at $1.25, which has kept the token’s value capped since September. A daily candlestick above this level would open the path for EOS token to record higher prices. Therefore, the onus is on bulls to increase their buying pressure past this level and not give in to their selling appetite.

If bulls manage to crack open the resistance at $1.25, they would be looking at a couple more roadblocks to their $1.8 target. The first one is at the $1.489 level, which rejected the EOS price between September 14 and 18 and pushed them to a cliff that sent the price down almost 50% to the $0.8184 support floor.

The second barrier was at $1.6688, which turned down a bullish trajectory between September 7 and September 13 and sent the price to the territory defined by the $1.489 resistance level mentioned above.

If bulls are still hungry by this time, they could quickly ascend to the $1.8 target, stamping a 43% climb from the current price levels.

EOS/USD Daily Chart

EOS price Feb 19
TradingView Chart: EOS/USD

Like in yesterday’s analysis, the 50-day Simple Moving Average, the Relative Strength Index (RSI), and the Moving Average Convergence Divergence (MACD) indicators were facing upwards. This shows that the most feasible direction for the price is upward, as it offers the least resistance.

The price strength at 68 was a good sign, also authenticating the positive outlook. The MACD indicator was also en route north, with histograms soaked in green to show buyers were leading the market.

The EOS Network Foundation’s strategy to encourage investor confidence with network updates, bolstered by quarterly reports, seems to be working. The strategy could be what delivers the EOS token price to its ultimate $1.8 target last tasted in early September.

On the downside, investors could be tempted to book early profits given the enticing green bars thus far. In such a case, a sell-off could ensue, sending the price to lose the support offered by the 200-day SMA at $1.1258 or that offered by the 50-day SMA at $1.0362. This could expose the EOS price to the $1.0153 level that has kept the bulls afloat since mid-January.

Below $1.0153, the price could descend to the 100-day SMA at $0.9763 or, in the worst-case scenario, the $0.8184 support floor. As the RSI was just a step away from the overbought zone (70), the EOS token could soon be overvalued. This means the price could start pulling back soon.

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Source: https://insidebitcoins.com/news/eos-price-gains-2-in-24-hours-as-bulls-battle-major-resistance-will-they-keep-their-selling-appetite-in-check