EOS Price Analysis: Inverted Flag Or Resuming Trend?

EOS Price Marched Above Crucial Support, Targeting Vertex
  • EOS price is moving in an upward channel after a precipitous fall, raising a possibility that the upward channel could be a reversed flag and pole pattern 
  • Volume analysis indicates that the price is consolidated due to the equal buying and selling volumes 
Source: TradingView

EOS price has shown signs of recovery after the impetus fall. Currently, the coin is moving up in a channel, which is forming a symmetrical triangle and an inverse flag-pole pattern, too, suggesting a further decline is possible. The volume analysis shows almost equal buying and selling volumes, but any support breach will collapse the coin to $3.07. The market cap and 24-hour volume are $3,782,985,978 and $475,297,515 respectively. 

EOS Price Marched Above Crucial Support, Targeting Vertex

Source: TradingView

Left Image: Price action indicates that the EOS price has surpassed above a crucial resistance, which might support it. The crucial Fibonacci levels are along with $3.25, $3.7, $4.43, $4.95 and $5.6. A breach of the upward channel’s support line would confirm it as a reversed flag-pole pattern, so head ahead with tight stops. 

- Advertisement -

Right Image: Moving Averages aren’t giving a clear image for the coin trend as the 10-EMA, 20-EMa and 50-EMa have consolidated in the range of $3.8-$3.95. The 200-EMA is floating at $325, acting as crucial support. 

The Bollinger Bands indicates a sideways movement as the upper and lower bands are headed sideways, restricting the price between $3.69 and $4.27. The median, i.e. 10-EMA, is floating at $4.If the price takes support from the median, it can rise further towards the vertex of the triangle 

RSI is still above 50 levels but refusing to show any strength to head-up due to the absence of buying. MACD(8,21,5) moves sideways along the 0-levels, refusing to signal it as a bear or bull rally. 

Conclusion: 

EOS price moves along an upper band that could be an inverse flag and pole pattern. Currently, the indicators suggest a lack of direction for the coin as the momentum oscillators are neutral and volatility has gone off. 

Support: $3.7 and $3.25

Resistance: $4.43 and $4.95

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

How useful was this post?

Click on a thumb to rate it!

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Download our App for getting faster updates at your fingertips.

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

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Top Rated NFT Market

Australia's Top Rated Exchange

Top Rated Cryptocurrency Payment Service

Our Partners

cryptoheroes

RocketFuel