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EOS traders can finally breathe a sigh of relief as…

2min Read

Although negative sentiment continues to trail the token, EOS has defied all odds in the last week as increased buying pressure has caused its price to record growth.

EOS traders can finally breathe a sigh of relief as...

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  • EOS price has seen some growth in the last week amidst heavy accumulation.
  • However, general market sentiment remains negative.

After closing Q2 with the most intraday price gain since February, EOS has continued on its upward trajectory, causing its value to grow by 7% in the last seven days, according to data from CoinMarketCap

Read EOS’ Price Prediction 2023-24

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%.

Heavy token accumulation is ongoing

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 (MACD) 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 (MACD line) is crossing above the longer-term moving average (signal line), 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.

How much are 1,10,100 EOSs worth today

Further, momentum indicators were spotted at key highs above their respective neutral regions at the time of writing. For example, EOS’ Money Flow Index (MFI) rested at the overbought position of 87.53. Likewise, its Relative Strength Index (RSI) was 54.44. These indicated that buying pressure significantly exceeded token distribution. And if this momentum is maintained in the coming days, EOS’ price might grow even further.

The altcoin’s Chaikin Money Flow (CMF) 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. 

Source: EOS/USDT on TradingView

There is more in play here

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. According to data from Santiment, the alt’s weighted sentiment at press time was -0.769. 

Source: Santiment

This showed that many traders remain skeptical of opening trade positions. It was evident in the shortfall in open interests since the beginning of the month. 

Source: Coinglass


Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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