EOS has seen a big decline and has reached its support level. Coin price has been moving in a downtrend pattern for a long time, but price is rejected on the trendline and forms swing lows which can be a signal of rejection for the further decline of the EOS coin. Dealers can currently buy the coin at a discounted price, which may be a profitable opportunity in the future.
The EOS price has fallen dramatically since May 21st and has not yet recovered. On September 6th, the coin price began to rise and reached $ 6.42, but it still could not rise any further and at that point formed a new high. Price broke the downtrendline in November, still unable to break previous high of $ 6.42, to hit $ 5.39.
The price of EOS is currently at its low of $ 3.48 and then fell from its high of $ 6.00. A bullish engulfing pattern forms that can raise the price and cause the coin to hit its high. Price has not moved down after testing the support line which can be used as an opportunity for bullish investors. On December 8th, the coin had an immense purchase volume with a price movement of 24%.
On the daily chart, the MACD indicator is currently in the sell zone but could soon give a bullish signal as soon as the MACD line crosses the signal line. The RSI indicator is currently neutral at 40, which leads to indecision about the price commitment. Once the price crosses and closes above the uptrend line, bullish momentum can be expected.
No assessment can be made on the weekly chart as the price rotates on the support line and is tested there. Investors should wait for the price movement to come as the technical parameters give a neutral signal and the price flow will depend on whether the price is above or below the support line.
Comments are closed.