EOS sinks beneath the POC, but could the buyers force a reversal?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

EOS has performed well in the markets and maintained its upward trajectory despite uncertainty across the market. Even though Bitcoin has retraced a good portion of its gains over the past two weeks, EOS was quick to rebound.

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This was a show of strength. Coins resilient during a BTC dump, or the ones that are quick to recover, are generally strong coins for buyers and could outperform a good chunk of the other mid-cap coins. Apart from relative strength, technical reasons were also observed for EOS’s recent performance.

Source: EOS/USDT on TradingView

The Visible Range Volume Profile showed the Point of Control at $1.26. The Value Area High and Low sit at $1.3 and $1.1, and these three levels are key horizontal levels for EOS in the coming weeks.

In yellow, a range was plotted for the asset that extended from $1.1 to $1.31, with the mid-range mark at $1.2. The range values are quite close to the values highlighted by the VPVR tool, which reinforced their significance.

On the 4-hour chart, the RSI stood at 50 and has been above the neutral 50 mark since 28 February. This highlighted some bullish momentum in this period, and the trading volume was high relative to the preceding weeks.

The OBV has also trended upward throughout March, despite the drop in prices.

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Moreover, the market structure remained bullish on the daily timeframe, despite the volatility on H4. Furthermore, the price filled an imbalance (white) on the charts from the recent pump. This imbalance sat right atop a support level.