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EOS Technical Analysis: Retaliating Bulls Hold Support Trendline


cryptoknowmics.com 02 September 2022 09:03, UTC
Reading time: ~2 m

EOS prices display a bullish reversal from the support trendline, with increased volume teasing a trend continuation to the $2 mark.  The fatal drop in EOS prices bounces back from the support trendline sustaining above the 50-day SMA. Currently, the morning star pattern forming at the trendline shows a bullish follow-through candle teasing a price jump above the psychological mark of $1.50. So, will this trend sustain in these volatile market conditions to reach the $2 mark? Key Points:  The EOS prices jump by 11% from the support trendline. The RSI slope resurfaces above the halfway line. With a market cap of $1.51 Billion, the intraday trading volume of EOS has increased by 81.22% to reach $546 Million. EOS/USD Price Chart Source- TradingView

EOS Technical Analysis 

The EOS prices drop 25% to test the 50-day SMA at $1.35, close to the support trendline with a declining intraday trading volume. However, the bund control at the support trendline with the morning star pattern. The bullish reversal accounts for a price jump of 11 % over the last two days and reclaims the psychological mark of $1.50. Hence, the improving market condition increases the possibility of an uptrend continuation. If the EOS sustains above the psychological mark of $1.50, an uptrend to $2.0 is possible if the buyers overtake $1.75. Conversely,  a downfall below the support trendline will result in an increased supply pressure dropping the market price to $1.20. Technical Indicators The RSI slope resurfaces above the halfway line to challenge the 14-day SMA reflecting an increase in the underline bullishness. The MACD indicator displays a bullish turnaround in the fast line teasing a bullish crossover as the buying pressure increases. Hence, the technical indicators project a possibility of EOS prices reaching the $2 mark. Resistance Levels: $1.75 and $2 Support Levels: $1.35 and $1.20

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