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- 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
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
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.
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
