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- EOS moved 40% up ever since, finding support between the 0.5 and 0.618 Fibonacci levels. Rally expected to continue and breach the $7 mark.
- Currently, the coin price has recently taken support from the 50 EMA with a bullish engulfing candle in a morning star pattern in the daily timeframe, implying the uptrend might continue.
- The EOS/BTC pair is trading at 0.0001142 with an intraday up move of 5.27%.
EOS coin price jumped more than 40% after finding support near the 200 EMA. It made a long tail rejection and is now rising again after a consolidation period breakout in the 4-hour timeframe; currently, the coin is trading just above 50 EMA in the daily timeframe, but the declining daily volume might become a reversal threat.
The coin price is faced with an immediate resistance of 0.382 Fibonacci level near $6.3. The breakout is expected to drive the price up at least 15%. RSI in the daily timeframe is rising higher, but the ADX indicator is sloping down.
The live EOS price today is $6.21, with a 24-hour trading volume of $1,969,487,761. EOS is up 5.86% in the last 24 hours. The live market capitalization of the coin is $5,917,243,261.
Short Consolidation Breakout brings EMA crossover
Thanks to the double bottom pattern breakout, EOS coin price leaped more than 20% in the 4-hour timeframe. And since then, the coin price has been under a brief consolidation zone in the 4-hour timeframe, but the price boost in buying volume has resulted in a breakout.
A successful up move will lead to a price jump of at least 15% and might even initiate the bull run. The support level of $5.4 has raised the price back up above the major EMAs. The level of $5.4 is the immediate support, whereas the immediate resistance level is $6.8
As per the 4-hour timeframe, the 50 EMA (yellow) is intermingled with the 200 EMA (white). However, the price jump might lead to a Golden Bullish Crossover.
The relative strength indicator is trading near 51 and has recently dipped, indicating RSI rebounding from the overbought zone.
The ADX indicates a gaining momentum as it is trading at 28, and the slope in ADX is increasing, implying a gain of momentum.
Conclusion – EOS coin price has recently displayed a breakout of a quick consolidation implying the start of an uptrend, and the gain in volume is boosting the coin price to start the rally. The boost in momentum opposed with the bearishness showcased by RSI has managed to hold back the bulls. Hence, early traders should enter only after retest confirmation.
Support- $5.4 along with major EMAs
Resistance- $6.8
Vishal
