Can Bitcoin (BTC) Prices Drive The Value of EOS Token to Yearly High 2022

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The EOS token hit an all time high of $22.89 in 2018. Its price has continuously declined and even more so with the departure of Dan Larimer from Block.one. With 2022 bringing new wind to the project, which has since separated from its parent company, followed by the Mandel Fork, the future of EOS looks bright. The effects of these changes hasn’t had a significant impact on the price and market cap of the token, with the crypto market and Bitcoin in turmoil.

In spite of Bitcoin’s price falling below $38k, sellers were unable to push prices any lower than $37.5k. Neither the buyers nor the sellers seem to be winning in the skirmish over $38k. If Bitcoin can climb above $39.2k, it could push much higher. In turn, this would be important for EOS, as the change from fear to greed could propel EOS beyond the $2.17 resistance level.

EOS Reaches High of $3.2 After Long Resistance in the $2-$2.05 Range 2022

The yellow line represents the range within which EOS has traded over the past few days. The upper and lower levels of the range are $2.14 and $2.02, while the middle point is $2.08. The lows of the range also coincide with the psychological level of $2. Since March earlier this year, the $2-$2.05 area has been an important level of resistance. EOS surged from $2.05 to $3.2 in late March after it was flipped to support.

As a result, on lower timeframes, it could be a good idea to buy the range lows and take profits at the mid-range and range highs. Breakouts past range highs could reverse and trap late long positions, so it is prudent to be cautious.

Price of EOS not Influenced by Buyers or Sellers, With Flat OBV After Months of Decline

EOS forms a range after downtrend and could be consolidating above support

In the last few hours, the RSI on the hourly chart has been around neutral 50. On the price chart, the 21- and 55-period moving averages (orange and green, respectively) are also quite close. As a result, momentum has been neutral and EOS has not made a strong, noteworthy move recently.

In recent days, the OBV has been flat after being in a steady decline for weeks. In other words, neither buyers nor sellers were driving the price, but instead just took turns driving it from the range lows to the range highs and back again. The CMF was also within the range of -0.05 to +0.05.

Sell the range highs, buy the range lows. Sounds simple, doesn’t it? Until the price breaks beyond $2.16-$2.18. After that, the direction of EOS will likely be heavily influenced by Bitcoin.

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