EOS traders can finally breathe a sigh of relief as…

• EOS value has seen some development within the final week amidst heavy accumulation.
• Nevertheless, basic market sentiment stays unfavourable.

After closing Q2 with essentially the most intraday value achieve since February, EOS has continued on its upward trajectory, inflicting its worth to develop by 7% within the final seven days, in keeping with information from CoinMarketCap. 

Learn EOS’ Value Prediction 2023-24

On 30 June, EOS traded for as excessive as $0.7439, a ten% intraday soar in its value. Exchanging fingers at $0.7676 at press time, its spot value has since elevated by 3%.

Heavy token accumulation is ongoing

A have a look at EOS’ value efficiency on a day by day chart revealed that holders have taken to token accumulation since 20 June. This vital shopping for strain put EOS bulls again answerable for the market resulting in the graduation of a brand new bull cycle.

A have a look at the Shifting Common Convergence/Divergence indicator (MACD) confirmed the MACD line intersecting with the sign line in an upward motion on 22 June, a place which has since been maintained. 

When the MACD line of an asset crosses above the sign line and begins trending upwards, it’s thought of a bullish sign. This crossover means that the short-term transferring common (MACD line) is crossing above the longer-term transferring common (sign line), indicating that constructive momentum could also be rising out there. This motion is commonly interpreted as a possible shopping for alternative or a sign to carry onto current lengthy positions.

How a lot are 1,10,100 EOSs price right this moment

Additional, momentum indicators had been noticed at key highs above their respective impartial areas on the time of writing. For instance, EOS’ Cash Stream Index (MFI) rested on the overbought place of 87.53. Likewise, its Relative Power Index (RSI) was 54.44. These indicated that purchasing strain considerably exceeded token distribution. And if this momentum is maintained within the coming days, EOS’ value would possibly develop even additional.

The altcoin’s Chaikin Cash Stream (CMF) additionally returned a constructive worth of 0.19. In an uptrend at press time, this urged that the liquidity required to drive up EOS’ value additional was being made out there by merchants and traders alike. 

Supply: EOS/USDT on TradingView

There may be extra in play right here

Though EOS’ value has grown within the final week, an on-chain evaluation of the token’s weighted sentiment revealed that market sentiment has been unfavourable for the reason that starting of the month. In line with information from Santiment, the alt’s weighted sentiment at press time was -0.769. 

Supply: Santiment

This confirmed that many merchants stay skeptical of opening commerce positions. It was evident within the shortfall in open pursuits for the reason that starting of the month. 

Supply: Coinglass