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- EOS coin price has managed to bounce off the demand zone with strong bullish pressure.
- EOS coin price is forming a rousing bottom pattern on a daily time frame.
- The pair of EOS/BTC is trading at the price level of 0.00005452 with an increase of 2.4% in the past 24 hours.
EOS coin price, as per the price action, is super bullish and has formed a reversal chart pattern after breaking out of the small-term supply zone on a daily time scale. At present, the coin price transacting at the price level of $1.242.
EOS coin price trades positively
EOS coin price as the price action suggests is super bullish. Recent bullishness has resulted in the EOS coin price changing the price structure to a positive one. At present, it is forming a higher high and higher low formation on the daily time frame. It has also crossed important moving averages of 50 and 100. Moving upwards these MAs can be seen acting as a strong demand zone.
EOS coin after showing a strong bullish trend has started consolidating in a lower time frame. Despite a small consolidation the coin price is trading at the upper band of the Bollinger band indicator. Volumes have increased following a strong bullish move in the last couple of weeks. This has led to an increase in volatility which could trap investors therefore they should exercise caution and wait for a clear trend.
EOS coin price is forming a rounding bottom pattern on a daily time frame
EOS coin price is trading at an important supply zone and the same is depicted by the RSI indicator. The relative strength index has gone past the halfway mark of 50 depicting a strong bullish trend. As soon as the coin price breaks the supply zone on a daily time scale, the RSI curve can be seen rising even higher supporting the trend.
The super trend indicator has also turned positive as the coin price saw a rapid increase in price levels. Previously, the super trend indicator was facing a strong rejection from the super trend sell line but recent bullishness has resulted in the formation of a super trend buy line. Moving upwards this super trend buy line can act as a strong demand zone.
Conclusion: EOS coin price has shown a strong bullish trend in the last couple of trading weeks. Recent bullishness has been supported by the technical parameters as they also turned bullish. It remains to see if the coin price will break through the long-term supply zone or fail to do so.
Support: $1.1 and 1.0
Resistance: $1.3 and 1.27
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
