Home / Crypto Currency / EOS Price Retakes $6.6 Level Thanks to Brief Positive Momentum

EOS Price Retakes $6.6 Level Thanks to Brief Positive Momentum

Today may certainly prove to be a rather interesting day for all cryptocurrency markets. Although it is still early to say whether or not the upward momentum can remain in place, things certainly look pretty interesting for some currencies. The EOS price, for example, has increased by 11.5% of over the past 24 hours, although it remains unclear when the next big dip will materialize.

The EOS Price is on the Move Again

Every time we see any cryptocurrency gain value, there is an immediate concern as to how things can turn around pretty quickly. This is especially true over the past few months, as all markets have been battered for no apparent reason. Even the EOS price took a massive tumble in the past few months, and things may still head in that direction for quite some time to come

With this new 11.52% gain in the past few hours, the EOS price is looking up once again. That in itself is pretty interesting, even though most of the top 10 cryptocurrencies are in the green as well. If this trend keeps up for a few more hours – or hopefully days – we may see things improve again in a major manner. For the EOS price, finding stability near $6.5 still remains a top priority.

It is also impressive how the EOS price is gaining on both Bitcoin and Ethereum as of right now. Even though these two top currencies are putting in some solid gains of their own, it seems EOS still trumps everything as of right now That doesn’t necessarily mean things will remain that way, though, but it is good to see regardless.

With over half a billion USD in 24-hour trading volume, the demand for EOS is certainly increasing. For now, this still doesn’t reflect upon other cryptocurrency markets as of right now, although things are improving gradually. If the EOS price is destined to keep going up, the volume will need to double in the coming hours. It seems pretty unrealistic that will happen, albeit stranger things happen in the cryptocurrency world.

South Korea is clearly showing some love for EOS as of right now. With both Bithumb and Upbit showing a lot of trading volume, there is a fair amount of fresh capital flowing into this ecosystem. Huobi is in third place, albeit its volume is a lot less impressive than people may want it to be. Even so, all of these pairs show there is positive momentum on the horizon for cryptocurrency, which can only be considered to be a good thing.

How things will play out for the EOS price, remains to be determined. As of right now, the situation looks rather promising, but there is still a lot of room left for volatility. It is not entirely impossible we will see another EOS price dip in the coming hours, although the bearish momentum seems to be fading overall. At some point in the future, we may all look back on early 2018 as an anomaly, rather than an actual trend for the rest of the year.

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Ripple Price Analysis: XRP Could Retest Lows Before Higher

Key Highlights Ripple price recovered recently, but it faced sellers near $0.2900-0.2910 against the US dollar. There is a major bearish trend line formed with resistance at $0.2860 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may perhaps decline further to revisit the $0.2800 support area in the near term. Ripple price is facing uphill task against the US Dollar and Bitcoin. XRP/USD is under pressure and it may decline further towards $0.2800 before a fresh upward move. Ripple Price Analysis After trading as low as $0.2776, ripple price started an upward move against the US Dollar. The XRP/USD pair traded higher and broke the $0.2800 and $0.2850 resistance levels. It also broke the 23.6% Fib retracement level of the last slide from the $0.3090 high to $0.2776 low. However, the upside move was capped by the $0.2900-0.2910 zone, which was a support earlier. Besides, there was no test of the 50% Fib retracement level of the last slide from the $0.3090 high to $0.2776 low. More importantly, there is a major bearish trend line formed with resistance at $0.2860 on the hourly chart of the XRP/USD pair. Therefore, the price must break the $0.2860 resistance and the $0.2900 barrier to move into a positive zone. The next resistance above $0.2900 is positioned near the $0.3000 level. On the downside, an initial support is at $0.2800, below which the price may revisit the $0.2770 swing low. If there is no break below $0.2770, the price is likely to bounce back. Looking at the chart, ripple price is facing a solid resistance near $0.2900 and it is well below the 100 hourly SMA. Thus, it won’t be easy for buyers to gain bullish momentum above $0.2900 in the near term. Looking at the technical indicators: Hourly MACD – The MACD for XRP/USD is placed in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 40 level. Major Support Level – $0.2800 Major Resistance Level – $0.2900 The post Ripple Price Analysis: XRP Could Retest Lows Before Higher appeared first on NewsBTC.

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