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- EOS Coin moves higher under a broad wedge pattern on the daily price scale.
- Buyers deposit EOS tokens while it retests the 20-day moving average.
- The pair price of EOS along with Bitcoin is up 7.1% at 0.0000704 Satoshis.
The EOS coin rose higher against the decline in the global market. Price action is forming a high-low formation under a boarding wedge pattern (bottom of the chart) in the context of the daily price scale. At the time of writing, the EOS token is trading in the $1.5-key resistance area. Buyers may see a pullback as BTC goes down again.
The low of $0.80 acted as a strong support level for EOS bulls, later, buyers accumulated the price well above the conceptual round level of $1.0. Hans Bears continues to receive rejections near the support trendline of the Bullish Channel (bottom of the chart).
On the daily price scale, buyers found a hedge zone on the 20-day moving average (white) as well as the 50-DMA remaining below the current price of EOS. However, buyers are barely trying to keep the price below the $1.6-immediate resistance area. Above the bullish barrier, the price is likely to move higher towards the $1.9 level.
The market cap of EOS Crypto has increased by 8% to $1.48 million in the last 24 hours. However, buyers see the price in the red earlier this week, in contrast, the EOS coin pairing with the bitcoin pair is up 7.1% at 0.0000704 satoshis.
RSI Draws the Head and Shoulder Pattern
In terms of the daily basis chart, the RSI indicator has taken support on the semi-line twice in the last 45 days. The RSI is suggesting that buyers are now weak and they may soon hold the asset above the $1.6-resistance level. Besides, the MACD indicator continues to move higher in the positive zone.
Conclusion
EOS token is trading near the bear hedge zone, hence the price rejected the $1.6 level. However, the price action still suggests a bullish pattern, hence a rally near the $1.20 support is likely.
Support level – $1.2 and $1.0
Resistance level – $1.6 and $2.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
