by Eliman Dambell
Monday saw eos remain in the green, despite the latest red wave in cryptocurrency markets. Today’s rally sees the token move almost 20% higher in the last seven days. Flow, on the other hand, extended its recent declines and is now down by almost 30% in the same period.
EOS was trading mostly higher on Monday, as the token remained close to a three-month high.
Last Wednesday saw EOS/USD rise to a high of $1.64, which was its strongest point since May 11.
Since then, market uncertainty has heightened, with the token fallen 20 cents below that level, at $1.44, on Sunday.
However, to start the week, bullish sentiment returned, with EOS hitting a high of $1.58, which is marginally below a ceiling of $1.60.
This peak saw the relative strength index (RSI) also hit a resistance point, colliding with its 65.45 threshold.
As a result of this, earlier gains have eased, as bulls opted to secure profits by liquidating positions.
EOS is tracking at $1.52 as of writing.
On the other hand, flow (FLOW) was on the opposite side of the spectrum, as prices extended recent declines.
Following a high of $2.20 during Sunday’s session, FLOW/USD fell to a low of $2.03 to start the week.
Today’s drop sees the token hit its lowest point since August 4, when prices were trading at a low of $1.86.
Overall, FLOW is down by nearly 26% in the last week, and this comes after an extended period of sell-offs.
Prices have now moved lower for eleven of the last twelve sessions, commencing after a false breakout of the $3.20 resistance level.
The 10-day (red) and 25-day (blue) moving averages are now on the cusp of a downward cross, which could see bearish sentiment remain for weeks to come.
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Do you expect flow to fall to a floor of $1.80 this week? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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