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EOS Price Analysis : Short term rally possible in EOS above $1

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EOS Price Prediction
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  • EOS formed bullish engulfing candle from its yearly demand zone at $0.800
  • MACD generated negative crossover but bears were lacking momentum on the lower side is visible in histogram bars.

EOS prices had been trading with the mild bearish cues but bulls had proved their presence at lower levels after forming bullish engulfing candle near the demand zone. As per coinglass, In the last 24 hours Long and Short ratio stood at 0.98 indicates mild bearishness. While the current EOS/USDT is trading at $0.886 with the intraday loss of 0.34% and 24 hour volume to market ratio stood at 0.0757

EOS at make or break level ?

Source :  EOS/USDT 4 hours chart by Tradingview

On a daily time frame chart EOS prices had been in a downtrend and formed a double top bearish pattern formation. Later the weakness continued and bears succeeded to break the neckline of double top pattern which triggers more selling from the higher levels and EOS hits a yearly low at $0.787. From the past couple of weeks EOS prices had been trading sideways in the range between $0.787 to $1.201 which is likely to break either side soon. 

The 200 day ema (green) sloping down indicates a trend to remain bearish on a positional basis and the 50 day (pink) at $0.967 will act as an immediate hurdle for bulls followed by next hurdle will be $1.201 On a lower side $0.787 will act as a savior for bulls and if price slipped below $0.787 we may see further weakness in coming weeks. 

The MACD generated negative crossover but bears were lacking momentum on the lower side is also visible in histogram bars whereas the RSI at 41 sloping sideways indicates price may witness some relief rally in coming days.

Should investors wait for trend reversal ?

Source :  EOS/USDT 4 hours chart by Tradingview

On a lower time frame, EOS prices had been traded positive in the beginning of December but later in the mid December trend reversed downside and prices began to trade negative while forming lower low swings. The supertrend had generated a sell signal from $1.050 which is continuing trailing down indicates the short term trend remains in bear grip but prices are consolidating near the supertrend resistance line and if bulls succeed to breakout upside we may see some short term bullish trend reversal.

Summary

EOS price had shown strength in the past couple of weeks and bulls succeeded in defending its previous month low but sellers are not ready to give up at $1.00 level which may act as a strong barrier for bulls. As per technical analysis, EOS price showing mild signs of bullish trend reversal and short term rally may begin only above $1.000 So, aggressive traders may look for buy opportunities only above $1.00

Technical levels

Resistance levels : $1.201 and $1.856

Support levels : $0.787 and $0.500

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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