Bitcoin is backing out in the upward rally and here seems to be the arrival of the altseason as the likes of EOS and Litecoin continue to dig it hard on the upside trend of the market with massive added values in the market today.
EOS has just found a bullish energy at an area of interest and it is already forming support at resistance earlier formed by the altcoin.
The bull are taking control in the market for altcoins, and EOS is at press time defending its upward interest with 10.64% added value in the last 24 hours to be priced $4.56 against USD. Against BTC, EOS has added 12.24% within the same duration.
The Simple Moving Average on the chart signals a gibbering bullish wave on the upside trend of the market. The long term 200 SMA has cross the 100 SMA on the day time frame, and the former is already above the latter.
This signals that the path of least resistance is to the upside. Hence, there is high possibility the altcoin witness increased demand in the market than the reverse, giving it more reasons to remain bullish.
Although the price is moving below the two SMA, but the fact that it was earlier above the indicators make us understand that the bull has taken over the market.
While on the upside trend, the 200 SMA managed to overthrow the 100 SMA with a huge driving force that signals great buildup for the ceiling.
EOS/USD price would need to cross the $4.65 barrier to affirm that the bullish has undoubtedly taken over for EOS and the path to the top is due.
The presence of bullish pressure can also be confirmed from the RSI trend which is likely to turn back upward rather than slope downward below the centre line.
Due to the present trend maintained in the market, many are saying altcoins are waving to the bear and they will continue on the path to the top and the market will return back to its normal position before Bitcoin joins the race.