A bullish breakout will ensure that the resistance level at $6.0 is broken then the EOS price will rally to the level of $6.5 which is the upper resistance level of price.
EOS Price Analysis: Long-Term Trend
EOS continues its ranging movement in its long-term outlook. The EOS price is in a sideways trend after two weeks in a bearish trend. From the daily chart, indecisive Doji candlesticks are forming at a price of $5.4. It indicates that the supply and demand levels are said to be in equilibrium at $5.4. The coin has been trading within the price range of $6.0 resistance level and $5.2 support level. Presently, the price of the EOS price is at the middle level of the price range.
If the bears break down the support level of $5.2, EOS price will sink to the lows of $4.6. However, on the upside, a bullish breakout will ensure that the resistance level at $6.0 is broken then the price will rally to the $6.5 price level which is the upper resistance level of price.
On the medium-term trend, the price of EOS is in a sideways trend. The cryptocurrency price and the two exponential moving averages (EMAs) are trending horizontally indicating a sideways trend. The EOS price is on the 21-day EMA and 50-day EMA indicating that the price is in the consolidation trend zone.
The bulls will have to increase their pressure before the price can rally to the north and break the resistance level of $6.0. Likewise, before the coin can reach and break the support level of $5.2 the bears have to increase their momentum. Nevertheless, the Stochastic Oscillator period 14 is above 50 levels with its signal lines pointing downward, which indicates the sell signal.