EOS price sees another surge right after Sunday crash

EOS price sees another surge right after Sunday crash
Written by:
Ali Raza
6th July, 16:28
Updated: 6th July, 16:29
  • EOS price recently saw a lot of activity after several days of being stuck to a strong support.
  • The coin surged in the second half of last week, only to nullify its progress on Sunday.
  • Now, with the market-wide rally, the coin is back at its weekly peek, with a good chance of surpassing it.

EOS price has seen quite a bit of action over the past several days. After a relatively calm middle of last week, the price saw a strong increase on Friday, which peaked in early Saturday morning.

The coin even managed to secure a new support level, but unfortunately, it also broke it only a day later, with its price falling to former levels.

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Then, the market-wide bull run started, once again launching EOS up to and past its weekly peak.

After experiencing very successful first two months of 2020, EOS, like the rest of the crypto industry, saw a major price crash. The crash started in February, and it culminated in a mid-March price drop caused by coronavirus fears.

Since then, a lot of coins managed to surge back up to their pre-crash levels. EOS, on the other hand, did not.

On a YTD chart, EOS has actually been quite stable between April and July of this year. At least, when compared to all the action seen in January, February, and March.

The coin’s 90-day chart, however, shows a different story.

EOS’ volatile Q2 2020

Over the past three months, EOS has seen quite a few sharp surges and equally sharp drops, mostly going up and down between a support at $2.50 and a resistance at $3.

The coin breached both levels, although its oscillations seem to have been reducing as time went on. The 11th-largest crypto project by market cap then saw two important drops in the past month — one around June 11th, and another on June 24th.

The drop on June 11th forced it back down to its support at $2.50. The next one, roughly two weeks later, caused it to break the support and drop to the next one at $2.35.

Fortunately, this one was strong enough to prevent further drops, and EOS managed to stabilize right on top of it.

At least, this was the case until July 2nd, when the first surge took place. As mentioned, EOS suddenly skyrocketed, reaching almost $2.50 for the first time in a while, but this resistance did not allow it to go beyond it.

Its price was rejected and it spiraled down over the weekend, once again approaching the support at $2.35. Then, the new market surge started, allowing EOS to have another go at $2.50 level.

Conclusion

EOS has shown that it has the will to grow, although it also has some strong resistances blocking its way. With a market-wide surge, however, the coin doesn’t have to do everything alone this time, which means that the second attempt at the resistance at $2.50 could still be successful, provided that the rally continues for a little while longer.

In any event, the coin is rather close to its bottom right now, and anyone who chose to purchase EOS will likely see gains, especially if this is a start of a long-awaited bull run.

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