EOS (EOS) Price Analysis: EOS/USD Confirming Triangle Breakout Heading Towards All-Time High

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  • EOS / USD gave a triangle breakout on January 6, 2020
  • EOS/USD ascended from $2.833 to $3.35 but couldn’t sustain the level hence return to retest the support line this morning
  • It seems EOS/USD is successfully sustaining the support zone, which is a requisite to continue the uptrend

EOS/USD rallied 18% after giving a breakout on January 6, 2020. However, the coin couldn’t sustain the levels and returned to test the immediate supports present at $3.05-$3.1. A breakdown from the support line will force the coin to find its next support at $2.45-$2.50. Contrary to that if the coin ascends further to surpass the resistance of $3.40, it might head towards testing its next resistance of $3.600. 

EOS/USD POSSIBLY BREATHING FOR A POTENTIAL 35% UPSIDE RUN?

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EOS/USD gave a triangle breakout on January 6, 2020, but bears took over the rally the very next day from the levels of $3.42. The coin made a hammer candle on January 8, 2020, indicating another small bull rally initiated by taking support from the $2.90. A long green candle can be proved to help resume the bull run.

On January 6, 2020, the breakout was confirmed by a long green candle and increased volatility, indicated by the widening of Bollinger Bands(10 SMA). Currently, the coin seems to take a breather for a potential upside of 35% since it successfully retested the median. 

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Relative Strength Index failed to sustain the 65 levels (a resistance zone of indicator), which immediately supported 58 levels. Sustaining this level may resume the rally and make the indicator head towards 67 and 75 levels resistance levels) to retest them.

MACD(8,21,5) gave a buying signal the day the coin entered the positive territory of Bollinger Band(10 SMA). However, now it is signalling a potential reversal or consolidation since the indicator showed a divergence between the signal line and slow line. The signal line needs to take support from or above the slow line to resume the rally. 

Conclusion –  

EOS / Dollar is currently in a no trading zone as there seems to be a tough fight between the bulls and bears. The coin needs to sustain the current level and break the resistance of $3.4 to resume the upside. If the coin falls further, it will find its next crucial support at $2.500. An upside journey will find hurdles at $ 3.6 and $4.00 levels. 

Support: $2.75-$2.9 and $2.500

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Resistance: $ .3 – $3.4 and $$3.61

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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