EOS traders can finally breathe a sigh of relief as...
On 30 June, EOS traded for as high as $0.7439, a 10% intraday jump in its price. Exchanging hands at $0.7676 at press time, its spot price has since increased by 3%.A look at EOS’ price performance on a daily chart revealed that holders have taken to token accumulation since 20 June. This significant buying pressure put EOS bulls back in control of the market leading to the commencement of a new bull cycle.
A look at the Moving Average Convergence/Divergence indicator showed the MACD line intersecting with the signal line in an upward movement on 22 June, a position which has since been maintained. When the MACD line of an asset crosses above the signal line and starts trending upwards, it is considered a bullish signal. This crossover suggests that the short-term moving average is crossing above the longer-term moving average , indicating that positive momentum may be increasing in the market. This movement is often interpreted as a potential buying opportunity or a signal to hold onto existing long positions.
The altcoin’s Chaikin Money Flow also returned a positive value of 0.19. In an uptrend at press time, this suggested that the liquidity required to drive up EOS’ price further was being made available by traders and investors alike.Although EOS’ price has grown in the last week, an on-chain assessment of the token’s weighted sentiment revealed that market sentiment has been negative since the beginning of the month.
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