EOS Price Analysis: Coin Jumps 40% since the formation of a long tail near 200 Ema, with a mark of $ 7
- EOS has since surged 40% and found support between the Fibonacci levels of 0.5 and 0.618. The rally is expected to continue and surpass the $ 7 mark.
- Currently, the coin price was recently supported by the 50 EMA with a bullish candle in a morning star pattern on the daily timeframe, suggesting that the uptrend may continue.
- The EOS / BTC pair is trading at 0.0001142 with an intraday upward movement of 5.27%.
The price of EOS coins rose more than 40% after finding support near the 200 EMA. It did a long tail rejection and is now rising again after a consolidation breakout within the 4 hour timeframe. Currently the coin is trading just above 50 EMA on the daily timeframe, but the falling daily volume could become a reversal threat.
The coin price faces immediate resistance at 0.382 Fibonacci near $ 6.3. The breakout is expected to raise the price by at least 15%. The RSI in the daily timeframe is rising higher but the ADX indicator is falling.
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The Live EOS price is $ 6.21 today on a 24-hour trading volume of $ 1,969,487,761. EOS is up 5.86% in the past 24 hours. The live market cap of the coin is $ 5,917,243,261.
Short Consolidation Breakout brings EMA crossover
Source trading view
Thanks to the breakout of the double bottom pattern, the EOS coin price rose more than 20% in 4 hours. Since then, the coin price has been in a brief zone of consolidation within the 4 hour period, but the surge in purchase volume has resulted in a breakout.
A successful uptrend leads to a price jump of at least 15% and could even trigger the bull run. The USD 5.4 support level has pushed the price back above the major EMAs. The $ 5.4 level is the immediate support while the immediate resistance level is $ 6.8
According to the 4-hour period, the 50 EMA (yellow) mixes with the 200 EMA (white). However, the jump in price could lead to a golden bullish crossover.
The relative strength indicator is trading near 51 and has recently fallen, indicating that the RSI is recovering from the overbought zone.
The ADX is indicating increasing momentum as it is trading at 28 and the slope of the ADX is increasing implying an increase in momentum.
Conclusion – The EOS coin price has recently shown a burst of rapid consolidation implying the start of an uptrend and the increase in volume increases the coin price to start the rally. The momentum opposite to the bear market shown by RSI has managed to hold the bulls back. Therefore, early traders should only enter after confirming the retest.
Support- $ 5.4 along with major EMAs
Resistance- $ 6.8
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