After Falling 27% EOS Price Recovers Toward $1.50; Time To Enter?

EOS price recovers to test the critical $1.50 mark but could not sustain the gains. The price is trading in red for the past few hours. The bulls attempted to breach the downtrend in the previous session but the upside pressure remains intact.

• EOS price edges lower as the selling pressure persists near the higher levels.
• A daily candlestick below $1.45 could instill more downside pressure in the coin.
• Bullish formation on the daily chart suggests the price take a turnaround near the current level.

As of press time, EOS/USD is reading at $1.46, down 2.11% for the day. The 24-hour trading volume fell more than 6% to $296,250,463 according to CoinMarketCap data.

EOS price trades near critical level

EOS on the weekly chart gave a breakout of a “Falling Wedge” pattern. The falling wedge can be one of the most difficult chart patterns to accurately recognize and trade.

This also coincides with the breach of the 20-day exponential moving average. Recently, the price gave a bearish impulse move from March 28 ($3.18)  to June 13 ($0.809). The price gave a pullback from its swing lows and test the 0.5% Fibonacci retracement, which will act as a hurdle (Resistance)  in the coming days.

Now, if the price is able to break above ($1.60) & gave a closing on daily charts, then we can expect a good bullish momentum of ($2.0).

Further, the daily chart gave a breakout of a bullish “Head & Shoulder” pattern, followed by an impulse move of more than 50% from $1.26 to $1.94.

Currently, the price is retesting the neckline ($1.42). If the price gave closing above ($1.55) on the daily chart, then we can expect a good bullish momentum of up to ($1.700).

The bullish “Gartley Harmonic” formation in a shorter time is a short-term reversal pattern. This forms when the price starts to rise from 78.6% of the Fibonacci retracement of its previous trend.

The short-term rise, we can expect according to this pattern is between $1.64 – $1.74, only if the price gave an hourly closing above $1.52.

The nearest support is ($1.40), whereas the nearest resistance is around ($1.52). There is a higher probability of the price breaking its resistance. But, if any chance price tends to come close to its support, and we’ve seen any rejection there, then we can buy there as well the “Buy on dips” opportunity.

On the other hand, a break below the $1.40  level could invalidate the bullish outlook. And the price fell below $1.30.

EOS is mildly bullish on all time frames. Above  $1.52  closing on the hourly time frame, we can put a trade on the buy side.