- New alliance with WordProof regarding dApps.
- Bitcoin jumps above the $17,000 mark.
- EOS prices rose by 7% in the past week.
After the FTX fiasco, now the crypto industry is retracing and recovering from the hard hitting waves that created havoc. The crypto space is coming up with newer alliances and projects that aid the recovery. A similar relief rally can be seen in the EOS ecosystem, where the network has shaken hands with WordProof. It is one of the many innovative dApps leveraging EOS to build the future of Web3. The project under this collaboration, timestamps content to the EOS blockchain in an effort to create a more trusted web.
The recovery of the coin industry can also be seen in the recovery rallies that are being formed in general. The major coin, Bitcoin, has jumped above the $17,000 price level. The rise has influenced the whole market to climb along with the pioneer tokens.
Here’s what the charts reveal
The prices have formed a pennant pattern with the current price action nearing the breakout. Prices have reclaimed the 20 and 50 EMA, with the rest hovering above it. A strong bull run can be established with prices reaching near $1.20, if the prices can crack the breakout level of $0.960.
The volume is observed to be muted, with a current value of more than $1 billion.
The CMF rises above the baseline to mark the uptick in the prices. The MACD records ascending buyers along with the lines diverging for the approaching bulls. The RSI escalated as the market witnessed subtle buyer influence.
4 hour POV
The smaller time frame study suggests the relief rally may be short lived and encounter sellers as prices rise further. The CMF holds a spot in the positive zone to set the market in the positive outlook. The MACD records both buyers and sellers interacting with each other to benefit from the price rise. The RSI surges to the overbought zone as the token faces active buyers.
The EOS ecosystem is taking small steps to recover and playing a risk free game. The holders of the token invest for a short term as the analysis says the rally may be short lived and come to an end soon. The holder to look out for the breakout zone of $0.960. The interested investor can trust the support zone of $0.820 to invest in the token.
Support levels: $0.8200 and $0.750
Resistance levels: $1.20 and $1.35
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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