EOS price analysis shows the continuation of the upside momentum but with limited price action. The buyers meet the critical supply zone after surging more than 12% in the previous session. Currently, the EOS price is in consolidation mode. As the price comfortably trades above the crucial 20-day and 50-day moving averages, a higher probability of upside continuation can be anticipated.
- EOS price prints modest gains post spectacular single-day rise.
- The bulls hold near the critical resistance level amid the completion of a bullish rounded formation on the daily chart.
- An upside 0f 20% in the offer if the price manages to give a daily closing above $1.30.
As of writing, EOS/USD is trading at $1.28, up 2.4% for the day. The 24-hour trading volume is holding at $356,869,038 with 56% gains. A high price with high volume is a bullish sign.
EOS price looks for another leg up
On the daily chart, the EOS price analysis marks a period of consolidation near the session’s high. The descending trend line from the highs of $3.18 acts as a strong upside barricade for the EOS buyers. The price has completed a ‘rounded bottom’ formation. Thus, facing challenges near the $1.30 mark.
Now, a renewed buying pressure would push the price above the bearish trend line. If that happens, the EOS price would immediately meet the $1.40 resistance level. Further, an acceptance above the mentioned support-turned resistance level would mean the bulls are likely to take out the $1.60 horizontal resistance level next.
On the other hand, a break below the session low would discard the bullish arguments. In that case, the price could fall back to the previous day’s low at $1.09.
Technical indicators:
RSI: The RSI (14) is currently trading at 66 and it is shaping a curve that indicates a probable consolidation. More confirmation is needed to act upon in the current scenario.
MACD: The MACD is moving above the midline as the green line stays above the orange line. The rising histogram confirms the strength in the uptrend.
How to trade:
EOS coin price analysis indicates a positive bias on the daily chart. But faces a sideways movement for now. Investors should wait for a daily close above $1.30 and an uptick in RSI for fresh long positions.
Support: $1.23 and $1.15
Resistance: $1.35 and $1.40
