EOS reverses the trend as price makes a sharp bullish move

10 Apr, 2019 analyst100

EOS Price Analysis – April 10


EOS markets have been following a bullish sentiment after a sharp reversal from a bearish zone. EOSUSD and EOSBTC are now trading within trend lines. A surge in volatility may force price out to a new wave. In the last 24-hours of trading, the token is up by 6.55% with a price at $5.8 levels.

EOS-USD Market

Key Levels:

Resistance levels: $6, $6.5, $7
Support levels: $5, $4.5, $4

For the past two weeks, EOS market has been following a higher move; respecting the yellow trend line. After retesting $4.2 last week, a bounce up throws price at $6 with a sharp drop. A new green lines (rising triangle) has been carved; now trending far above the yellow line. Today, the price action nears the angle of the rising channel. A price break is expected to play out soon.

Before the rise-up, EOSUSD was moving on a side-way and trading below $4 for over three weeks. The bullish reversal in late March shoots the price up by 50%; recording the weekly high at $6. The medium-term RSI is leveled below 70 line. A bearish surge could slip price to $5 support and beyond; testing the yellow line. A possible push is likely at $6 and above.

EOS-BTC Market

EOSBTC had been trading within a channel range after the late March rise. Testing 103000SAT support yesterday, the token is now heading high to resistance at 1150000SAT, where the upper channel lies. A test at the mentioned resistance may result in a rejection; respecting the trend line. As indicated on the 4-hours MACD, trading is currently resting on the overbought line.

Following the rising channel, EOS is likely to encounter a surge in volatility. Breaking 115000SAT up could set the market on another bull-run. A new resistance may be created at around 120000SAT area. A break-down, however, is likely to find a bottom at a strong support level of 95000SAT. Whichever way, EOS price would remain in a channel until a price break occurs.

Please note: Niffler.co is not a financial advisor and this article should not be treated as financial advice. However, you are welcome to apply this information on our simulated cryptocurrency exchange.

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Azeez Mustapha is a technical analyst, has many years of trading experience in the stock, forex and the crypto markets.

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