EOS hit a key roadblock – Can shorting yield profit?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion EOS reached a crucial overhead resistance. The Funding Rate remained unchanged, but development activity and sentiment increased. Despite outperforming the crypto market, the uptrend of EOS [EOS] could slow. EOS was an outlier, at […]

EOS consolidated within the $1.022 – $1.130 range between mid-January and February before an upside breakout in mid-February. But the bulls faced price rejection after hitting the $1.276 resistance level. If the trend repeats, EOS could face a similar rejection and offer bears shorting opportunities.

Bears could look to book profits at $1.119 or the immediate support at $1.107. An extended drop beyond these levels could be kept in check by $1.044 or $1.000. As such, the stop loss could be placed above the $1.276 hurdle. Alternatively, bulls could bypass the hurdle and seek more gains ahead. The next key resistance lies at $1.372, $1.500, and $1.748. A bullish BTC and surge above $23K could accelerate the upswing needed to bypass the $1.276 roadblock.

The RSI and MFI showed upticks, indicating buying pressure and accumulation increased. In addition, the Chaikin Money Flow moved northwards, indicating the market favored bulls.According to Santiment, EOS saw a sharp increase in development activity, showing the network was undergoing massive building, perhaps in preparation for the April EVM launch.

The uptick in the development activity could boost investors’ outlook on the native token. Interestingly, the weighted sentiment improved and exhibited a high positive elevation, showing improved investors’ confidence in the token.However, the Funding Rate remained eerily stagnant, showing EOS rally hasn’t attracted much demand in the derivatives market. Such a limited demand could undermine the uptrend and potentially tip the scale in favor of the bears.Subscribe to get it daily in your inbox.

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