Can The Month Of October Provide Any New Trends To Consolidated EOS

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

  • After breaking below $3.00 at the starting of the previous month, the EOS price has faced tactile price consolidation
  • The altcoin nearly spent the whole month of September moving in between the price range of $2.50 to $2.90
  • The 24-hour and 7-day change has not shown that much momentum with an overall gain of 1.00% and 5.00% respectively 
Source: Coinmarketcap

As the one-month price chart levels, EOS price levels are almost on a neutral range and facing strong price consolidation. However, the digital asset is showing signs of a positive move at regular intervals. Currently, EOS is having an overall gain of 1.36% bringing the current price level to the mark of $2.62. The market capitalization stands at $2,452,870,244 with the 24-hour volume traded of $1,933,793,548. The pair of EOS/BTC is facing a minor downfall of 0.51% bringing the current level to 0.00024014 BTC. 

Looking from the starting of the downtrend move, EOS faced heavy negative momentum while attempting to break the crucial mark of $4.00. The downtrend forced the altcoin to break below $3.00 and got trapped into price consolidation since then. EOS is known for its slow momentum in the market and comes with the capability to provide a healthy amount of returns. It touched its year-high of $5.48 during February and has also recovered from its year-low of $1.46 during March with the current price level of around $2.50.  

EOS(EOS) Technical Analysis

Source: Tradingview

The technical chart reflects on the downtrend faced by EOS in the previous month from the price level of $3.42 to the support of $2.40. After the sharp downtrend, the altcoin tried to sustain the levels but soon got trapped in consolidation. The consolidation was later followed by another downtrend due to bearish sentiments in the overall market which forced the levels to drop below 0.236 fib level. The contractility of Bollinger bands clearly defines the magnitude of the consolidation faced by EOS in the market currently. It must have a positive breakout above 0.236fib level which will help in breaking the upper band of 3.1362. 

MACD levels had a bullish crossover and a stretch in the levels indicates that the bullish move might sustain this time. However, if there is a strong bearish cross-build in the upcoming days then the consolidation phase will stay. 

RSI levels are making attempts at regular intervals to improve the levels and provide a positive pull to the price. However, the consolidation is getting too strong to break. The current RSI levels stand at 41.72 

Resistance level: $2.65 and $3.00

Support level: $2.40

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