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EOS Coin Price Analysis: EOS coin has gone past the resistance with a strong bearish trend, will it continue the bullish trend?

  • EOS coin price has been on the rise as it broke the important demand zone one week ago.
  • As of now, the coin is forming a rounding bottom pattern on a daily time frame.
  • The pair of EOS/BTC is trading at the price level of 0.000053 with a decrease of -0.38% in the past 23 hours.

EOS coin price is trading near the important supply some, as per the price action. At present, the coin price is in consolidation mode. Consolidation near a supply zone is a positive signal for the bulls. The coin price gave a breakout of the important supply zone of $1.09 with a strong bullish candlestick pattern on the daily time frame. After retesting the demand zone, the EOS coin price raced to the supply zone. At present, the EOS coin price is trading above the 50 Moving Average and 14 Simple Moving Average yellow lines. The coin price gave a breakout and moving forward it can rest at these moving averages. Although the EOS coin price is yet to give a breakout of 100 Moving Average and while moving up it can face election off it. Currently, the EOS coin price is trading at the upper band of the Bollinger band indicator after bouncing off the lower band. At present, the Bollinger band range has become wide indicating a sideways momentum in the upcoming days. Volumes have increased as the coin gave breakout.

EOS coin price is forming a bullish price structure on the hourly time frame

EOS coin failed to sustain above the previous demand zone of $1.21 which resulted in a sharp fall in the price of the EOS coin. As of now, the coin has started forming higher high and higher low price structures.

Relative Strength Index: RSI is currently trading at 42.86 and it is shaping a sharp fall that took place in the price of EOD coins.For the coin to turn bullish RSI need to cross the halfway mark of 50, which can result in the bounce back off the demand zone . Until then investors should wait for a specific trend and then act accordingly.

Average Directional Movement Index:

ADX is depicting the share fall that the coin witnessed, as the ADX curve has slipped below 20. ADX curve Is still pointing downward and there seems no hope for any recovery. As the consolidation continues the strength is also loosening which can result in a sharp fall in the price of EOS coins. Bulls need to keep control for the indicator to turn bullish supporting the trend.

MACD and RSI are showing a bearish trend on an hourly time frame

Moving Average Convergence Divergence: MACD has given a sell signal as the blue line crossed the orange line on the downside. As the coin price makes a bullish structure, the MACD lines are trying to give a positive crossover as it nears. Despite bouncing off the small-term demand zone, the coin is not showing strength as per the technical parameter. An investor should wait for the crossover of both lines and then act accordingly.

super trend: Massive bearish rally in the price of EOS price has led to super trend indicators giving a sell signal after it breaks down the $1.21 price level. Although the coin price is consolidating, the super trend indicator is still negative and acts as strong resistance. Once the coin breaks the price of $1.2, the super trend indicator can be seen giving a buy signal. But it seems unlikely as the EOD coin is in a strong grip of bears.

Conclusion

EOS coin price has been on uptrend in the daily time frame but on the small time frame it is otherwise. As the coin price hovers around the supply zone on the daily time frame, the investors should wait for clear confirmation of a trend and then act accordingly.

SUPPORT: $0.80 and $0.87

RESISTANCE: $1.2 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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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