Today, the price of the EOS crypto marks an increase of more than 30%. Last week’s sinking had pushed the value of the EOS cryptocurrency below 1.60 dollars, a price that had not been seen for 13 months, more precisely since November 2017.
Having touched the bottom, even if with a rebound of 30%, does not give guarantees of a change of trend, but at this moment it gives the possibility to identify a bottom for the price of EOS. For the EOS crypto, it is necessary to consolidate beyond 2 dollars, a threshold that it was able to overcome on Sunday but which it is now struggling to maintain.
Obviously, this is not a return of purchases but a technical rebound that occured after a bearish movement that throughout the week has characterized the trend of the sector, bringing the total capitalization just over 100 billion dollars.
The weekend was characterized by a return of sales. After having reached the absolute lows of the year on Friday, some purchases are back for cryptocurrencies like Ethereum, albeit with low volumes.
On Friday evening, the signs of a possible rebound were evident, and in fact, the downward closures indicated that the long positions were not opened, but were covered in short positions.
This has caused a rebound between Saturday and Sunday that for bitcoin has indicated a recovery of over 15%, while for Ethereum over 20%.
The capitalization recovers the 110 billion today, with bitcoin confirming its 55% dominance.
After strong bearish movements and a record number of open positions, a rebound is expected, in the coming days will have to find confirmation from the technical point of view.
The $3700 recovery is a good sign, but we need to get some confirmations by tomorrow. The necessary confirmation is over 3500 dollars. Going below this threshold would not be a bullish signal.
As far as ETH is concerned, the rebound signal is to be taken into consideration because going from 85 to over 100 dollars is a good technical reaction. The recovery of the 110 dollars could start attracting new purchases that would allow for upward movements over 125 dollars.