EOS price analysis: Market reaction indifferent to Coinbase listing

Coinbase, the San Francisco-based crypto exchange giants, announced that they are going to be listing EOS. Coinbase said in a blog post:

“Starting today, Coinbase supports EOS (EOS) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store EOS.

EOS will be available for customers in most jurisdictions, but will not initially be available for residents of the United Kingdom or the state of New York. Additional jurisdictions may be added at a later date.”

Unfortunately, this announcement came along the same time as the crypto market crash, so EOS/USD’s price reaction has been pretty indifferent.

EOS/USD daily chart

• EOS/USD went up from $7.28 to $7.40 in the early hours of Friday.
• The market was consolidating in a flag formation from which it had a bearish breakout.
• EOS/USD reached an intra-day high of $8.42, which went past the upper curve of the 20-day Bollinger band. This showed that the asset was over-valued.
• The bears then took down the price down to $7.30, reaching a low of $6.86.
• The $8 resistance-level has thwarted the bulls and remains a critical level which they need to overcome.
• The market is trending above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves.
• The signal line is looking to converge with the moving average convergence/divergence (MACD) line, indicating decreasing bullish momentum.
• The Elliot oscillator has had six bullish sessions in a row.
• The relative strength index (RSI) indicator is trending around 65.