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Altcoin EOS Remains Above Key …

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Altcoin EOS Remains Above Key ...

Altcoin EOS Remains Above Key Support Despite Fall
CONTENT

  • EOS is trading near long-term support of $ 2.30

  • Short-term technical indicators began to give timid bullish signals

  • EOS / BTC Lost Long-Term Support Of 3250 Satoshi

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The altcoin EOS (EOS) is close to key long-term support, the loss of which could trigger a sharp drop in quotes. However, the price has recently started to give short-term bullish signals that will be confirmed on a break above $ 2.60.

Long term levels

The weekly chart shows that EOS has been dropping in price since May 2019. When the $ 8.65 high was reached. During the fall, the price follows the line of downtrend resistance.

Altcoin tested this line in August of this year, but soon pulled back, resulting in a bearish signal in the form of a false upward breakout on the charts..

Since then, EOS has dropped to long-term support of $ 2.30.

Altcoin EOS Remains Above Key ...

In case of a bullish breakout, immediate resistance is expected at $ 3.90, where the 0.618% Fibonacci retracement level from the previous decline and the aforementioned August high are located.

EOS Chart by TradingView

Key support

On the daily chart, the focus is on the support at $ 2.30. Cryptocurrency trader @algohammie highlights that EOS is trading in an area of ​​important support, the loss of which is likely to trigger aggressive sell-offs.

The $ 2.30 level has been a support level since early April, and as long as the price remains above this level, bearish risks are limited..

However, technical indicators are not signaling a reversal yet. MACD started to rise while RSI and Stochastic Oscillator are declining and signal neither bullish divergence nor bullish crossover.

EOS Chart by TradingView

The 6 hours chart shows the first signs of a reversal. RSI and MACD signal bullish divergence, with the latter entering positive territory.

A breakout of the resistance of $ 2.60 could trigger a move towards the $ 2.93 level.

EOS Chart by TradingView

Wave analysis

Since March 13, the altcoin has formed an A-B-C pattern, completing it with a high on August 17 (orange on the chart). The relevance of this wave structure is supported by the ratio of waves A: C in the amount of 1: 1.

Altcoin EOS Remains Above Key ...

Now the quotes are most likely in the process of forming wave X, followed by another A-B-C pattern.

EOS Chart by TradingView

EOS / BTC

The EOS / BTC pair looks much more pessimistic. The price lost its 3250 Satoshi support, which turned into resistance. This zone has acted as support since last September.

The only bullish signal at the moment is a bullish divergence on the weekly RSI, which suggests a possible rebound.

But until the pair rises above the 3250 Satoshi level, the trend will be considered bearish.

EOS Chart by TradingView

Disclaimer

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