Eos (EOS) Gains 3% In A Day As Bulls Fight For A Reversal. Is $4.00 Possible?
- Eos (EOS) bounced off key support level at $3.340 USD, signaling a possible start of a bullish run.
- Eos bulls targets $4.000 USD in the coming weeks despite unclear price action on the charts.
- Can bears force a move to sub-$3.00 levels?
Eos (EOS), the eighth largest cryptocurrency in market capitalization, targets a spike to $4.00 USD after bouncing off key near term resistance at $3.30 US. This represents a slight 3% increase in the past 24 hours in a market that has witnessed its daily volumes spike signaling a possible bullish momentum in the coming days.
EOS/USD bounces off key resistance at $3.340 USD
Looking at the daily charts, a few bullish signals are forming on the charts starting with the bounce off the middle 20-Day Bollinger Band (BB) that provides near term resistance. The bullish reversal on the daily charts shows much potential in the price of EOS in the coming weeks, with a spike in volumes to $3 billion USD in the past 24 hours, a key argument factor for a bullish run. Can bulls breach through the ever-evading $4.00 USD psychological resistance?
Well, as yo can see from the charts above, a number of technical indicators on the long term charts shows a possible push towards $4.00 USD, but only if the buyers are able to push the price key resistance levels at $3.50 USD and $3.70 USD in the near term. The relative strength index (RSI) currently oscillates at a buy level at 63, with a bullish projection.
A bearish case for EOS/USD?
The market is showing indistinct signals on the direction with technical indicators mumbled up in zigzag motion, some showing a possible bearish move and others a fairer bullish action to the price. EOS signals a possible drop below key support levels at $3.20 USD and $3.00 USD if the bears are able to complete the moving average divergence convergence (MACD) death cross pattern formation.
The Elliot Wave Oscillator is turning red on the longer term charts showing a possible bull trap coming up (as seen with the increasing volumes in a short uptrend.)
However, an abnormal event on the EOS network may pull the token from a sudden push to sub-$3.00 USD levels. Bulls will need to maintain the support above the daily BB resistance to prevent a possible capitulation.
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