There’s a proposal to improve staking rewards on the EOS community, an element that has contributed to the huge spike in EOS price
EOS has pumped greater than 100% over the previous three days to attain intraday highs of $13.23 in early morning offers at present. It is the primary time since June 2018 that the coin’s price has jumped above $9.00 after failing at two earlier makes an attempt in May 2019 and mid-April 2021.
For the EOS/USD pair, the price uptick follows an announcement that the community is wanting to improve its staking rewards. Ethereum Classic’s 300% spike this week and Dogecoin’s 130% rise are the one cash which have overwhelmed EOS’s latest rally.
Can EOS bulls maintain onto the beneficial properties or rebound increased if sentiment continues? Here’s an outlook for EOS/USD’s potential price actions within the quick time period as we head into the weekend.
EOS price evaluation
EOS/USD has a excessive fashioned close to $12.18 on the day as bulls try to thrust back bears. Although consumers have been ready to buy the dip from the outdated ascending development line, downward stress nonetheless abounds above the 0.236 Fibonacci retracement stage ($11.56).
Despite this, the technical outlook at the moment suggests EOS is in a optimistic zone. The MACD continues to be above the sign line and the RSI is nicely positioned within the overbought territory. The upward curve of the 50 SMA additionally helps a doable upside flip within the quick time period.
Bulls want to break above the development line and retest the $13.50 space to open up a path for additional beneficial properties above $14. Beyond this, reliable targets lie within the $15-$20 area.
EOS/USD 4-hour chart. Source: TradingView
If downward stress forces bulls to defend latest beneficial properties, the primary help stage is on the 0.382 Fib stage ($10.53). There’s additionally a significant price cushion on the 0.618 Fib stage close to $8.85, with additional losses possible to be stemmed on the 50 SMA ($7.35).