At BeInCrypto we offer regular price analysis and predictions of the most popular and relevant crypto assets. In our analysis by EOS (EOS) on April 16, we forecast a slight increase in prices. Our prediction has now been validated. In this analysis, we look at the price in both euros and dollars to predict possible price fluctuations in USD ($) and EUR (€).
On April 10, 2019, the price of EOS hit a high of $ 6.07 and EUR 5.38. It rose sharply and the price hit lows of $ 5.07 and EUR 4.53 on April 12th.
It has been in an upward trend since then:
EOS / USD and EOS / EUR prices: April 11th – April 19th
Will the price rise again to USD 6 / EUR 5.3 or fall again to USD 5 / EUR 4.4?
Let’s find out:
EOS: trends and highlights for April 19, 2019
- EOS hit highs of $ 6.07 and EUR 5.38 on April 10.
- It appears to be trading within a symmetrical triangle.
- Long term bearish divergence is developing on the RSI.
- There is support near $ 4.9 and € 4.35.
Keeping track of the current trading pattern
The price of EOS on Binance was analyzed at one-hour intervals from April 4th to 19th to keep track of the current trading pattern. We do not include Euros in this section as it only takes one trading pair to achieve this. Both EOS / USD and EOS / EUR are discussed in the last section.
On April 11, the price hit a low of $ 5.11. It has since increased and made several higher lows.
If we track these lows we get an ascending support line:
On April 11, the price hit an hourly high of $ 5.67. Several market cycles have completed and the price has hit several lower highs.
If we track these highs we will get a descending resistance line.
The resistance and support lines together form a symmetrical triangle:
It is likely that price will continue to trade within the confines of this triangle until a decisive move occurs.
To find out the direction of the move, we need to look at a longer period of time and include technical indicators.
The price of EOS for Binance was analyzed at one-day intervals from October 2018 to April 2019 along with the relative strength index and resistance areas to determine possible future price movements.
The relative strength index (RSI) is an indicator that calculates the size of price changes to determine oversold or overbought market conditions.
Resistance ranges arise when the price reaches a certain level several times. They can serve as a reversal area in the event of a failure or breakout.
RSI and a resistance area are tracked for EOS / USD below:
On February 24, the price hit a high of $ 4.58. It continued to rise, hitting a high of $ 6.06 on April 10th.
Similarly, the RSI hit its first high on February 24th. However, it continued to generate lower or identical values.
This is known as bearish divergence and is often preceded by price reductions. The divergence is very significant in value. In addition, it occurs near a large area of resistance near USD 6.
Using this indicator makes the price unlikely to have enough strength to move above the resistance area at $ 6. Price drops and a collapse seem more likely.
In this section we include areas of support in the analysis to determine possible future price levels.
Areas of support arise when the price reaches a certain level several times. They can serve as a reversal area in the event of a failure or breakout.
An area of support for EOS / EUR (first graph) and EOS / USD (second graph) is shown below:
EOS / EUR support areasEOS / USD support areas
The closest support area is located near $ 4.9 and EUR 4.35. If the price is deviating from the symmetrical triangle, it is likely to hit that area.
Summary of the analysis
Based on our analysis, it is likely that the price of EOS will continue to trade within the boundaries of the triangle until it collapses.
Do you think the price of EOS will fall out of the triangle? Let us know what you think in the comments below!
For EOS Price Predictions for 2019 and 2020, click the green button below:
2019/2020 EOS / USD FORECAST
Disclaimer: This article is not and should not be construed as trading advice. Always consult a trained finance professional before investing in cryptocurrencies as the market is particularly volatile.
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