EOS (EOS) is finally starting to move as majors see big wins

EOS (EOS) has finally started showing some bullish signs and could initiate an upward move that will take it above its September highs.

EOS lagged significantly behind other altcoins. The token is still 27% below its September high of $ 6.42. However, there are signs that the token will move up on both the price action and the technical indicators.

Both the MACD and RSI are moving up.

The MACD, which is formed from a short-term and a long-term moving average (MA), is finally back in positive territory. This means that the short term trend is faster than the long term.

The RSI, a momentum indicator, has moved above 50 again. This is a sign of bullish momentum and is associated with bullish moves.

Additionally, EOS is about to break out of a descending resistance line that has existed since the highs mentioned above. If successful, it is confirmed that the correction has been completed.

Chart according to TradingView

Will EOS break out?

The shorter-term six-hour chart shows that the main area of ​​resistance is at $ 5.06. This is the 0.5 fib retracement resistance level and a horizontal resistance range.

There is also resistance at $ 5.40 created by the 0.618 Fib retracement level. However, this is not a horizontal resistance area so it is likely to be weaker.

Similar to the daily timeframe, both the MACD and RSI support the continuation of the bullish move.

Once EOS manages to clear them there will be no resistance until the September highs.

Wavenumber

Cryptocurrency trader @Altstreetbet outlined an EOS chart noting that the token has started a new upward momentum and will move to its September high at $ 12 and beyond.

Source: Twitter

The most likely wavenumber suggests that EOS has completed the first wave (orange) and is now in the third wave of a five-wave upward move.

The main reason for this particular count is the fact that after June 22, the rise has five waves (highlighted in green) while the resulting decline (highlighted in black) has only three waves. This suggests that the trend is bullish and the downward moves are corrective.

The sub-wavenumber is shown in black.

A fall below the second wave low of $ 3.85 would invalidate that particular count.

Chart according to TradingView

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