EOS Price Analysis: EOS Trades Sideways As Market Approaches Triangle Apex

EOS Price Analysis
Chart Source by TradingView

EOS Price Analysis: EOS Trades Sideways As Market Approaches Triangle Apex

Eos has seen a small price increase totaling 0.59% over the past 24 hours of trading. The cryptocurrency is currently exchanging hands at a price of $5.38 after seeing a further +2.85% increase in price over the past 7 trading days.

Key Highlights:

  • EOS remains trapped within confines of a symmetrical triangle.
  • Price action continues to trade sideways as the market approaches the apex.
  • Support Levels Moving Forward; $5.34, $5.18, $5.00, $4.73, $4.50, $4.00.
  • Resistance Levels Moving Forward; $5.49, $5.74, $5.81, $6.07, $6.50, $7.00.

The 16-month-old cryptocurrency is currently ranked in 5th position in terms of overall market cap across the entire industry. IT currently holds a market cap valuation of $4.87 billion after suffering a -33% price drop over the past 90 trading days. EOS is till trading at a price that is -74% lower than its all-time high price.

Let us continue to analyse price action over the short term and update any potential support and resistance zones.

EOS Price Analysis 

EOS/USD – SHORT TERM – DAILY CHART

EOS Price Analysis
Chart Source by TradingView

Analyzing price action from the short term perspective above, we can see that EOS/USD has continued to trade sideways within the confines of the 2-month-old symmetrical triangle pattern. In our previous article, we had stated that the market had broken out of the pattern, however, after more market data the breakout proved to be false and we have now adjusted the upper boundary of the triangle.

Price action is now trading at resistance provided by the short-term .5 Fibonacci Retracement level (drawn in green) priced at a $5.49. This Fibonacci Retracement is measured from the price surge that started from a low of $4.17 on the 14th of August 2018 and extended to a high of $6.82 on the 1st of September 2018. This was a price increase totaling 65% from low to high.

Moving forward, if the bears step in and force price action lower we can expect immediate support below to be located at the downside 1.414 Fibonacci Extension level priced at $5.34. Support located below this level can then be expected at the short term .618 Fibonacci Retracement level (drawn in green) priced at $5.18 followed by the lower boundary of the symmetrical triangle.

If the bears continue to push price action below the lower boundary of the triangle then we can expect further lower support at the .786 Fibonacci Retracement level priced at $4.73.

Alternatively, if the bulls can push price action above the resistance located at $5.49 then immediate resistance above will be expected at the upper boundary of the symmetrical triangle followed by higher resistance at the short term .382 Fibonacci Retracement level (drawn in green) priced at $5.18.

If the bulls can pressure the market even further higher then more resistance above can be expected at the long term .886 Fibonacci Retracement level priced at $6.07.

The RSI technical indicator is currently producing a neutral reading within the market. If we would like to see some positive price action in EOS/USD we would need to see the RSI break above the 50 handle to indicate that the bulls are in control of the possession in the market.

Summary
EOS Price Analysis: EOS Trades Sideways As Market Approaches Triangle Apex
Article Name
EOS Price Analysis: EOS Trades Sideways As Market Approaches Triangle Apex
Description
EOS Price Analysis: Eos has seen a small price increase totaling 0.59% over the past 24 hours of trading. The cryptocurrency is currently exchanging hands at a price of $5.38 after seeing a further +2.85% increase in price over the past 7 trading days.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Abhinav Agarwal

A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

Post your comment...
Abhinav Agarwal 104 Articles

A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

Follow Abhinav @