EOS Price Increases Despite a Cryptocurrency Market Sell-Off, While FLOW Continues Its Decline – Market Updates Cryptocurrency and Bitcoin News
Originally published on August 22, 2022, by Abraham Chris
Despite the recent wave of red that has been seen in cryptocurrency markets, the eos price was still in the green on Monday. Following today’s surge, the token’s price has increased by roughly 20 percent in the past week. Flow, on the other hand, continued the downward trend it’s been on and is now about thirty percent lower than it was during the same time period.
On Monday, EOS was trading largely higher, and the token remained close to a peak that had not been seen in three months.
On Wednesday of last week, the EOS/USD pair reached a high of $1.64, which was the highest point it had reached since May 11.
Since then, market anxiety has grown to the point where the token was trading 20 cents lower than that level on Sunday, when it was trading at $1.44.
Nonetheless, optimistic optimism returned to start the week, and EOS reached a high of $1.58, which is only a hair below a ceiling of $1.60. This puts EOS on the verge of breaking through the ceiling.
The relative strength index (RSI) also reached a point of resistance at this peak, crashing into the 65.45 level that serves as its threshold.
As a direct consequence of this, early gains have slowed down as buyers have chosen to lock in profits by selling off their investments.
As this article is being written, the price of EOS is at $1.52.
Flow (FLOW), on the other hand, was on the opposite end of the spectrum from prices, which continued their current downward trend.
After reaching a session high of $2.20 on Sunday, the FLOW/USD currency pair dropped all the way down to a new weekly low of $2.03.
As a result of today’s decline, the price of the token has fallen to its lowest level since August 4, when it was selling at a price of $1.86.
After a protracted period during which the price of FLOW has been falling, the overall price has dropped by approximately 26% in the past week.
Following a failed attempt to break through the $3.20 resistance level, prices have now moved in the other direction for eleven of the last twelve trading sessions.
Now that the 10-day (red) and 25-day (blue) moving averages are almost at the point where they will cross below each other, it is possible that bearish sentiment may persist for several more weeks.