- EOS made a new ALL-TIME HIGH on 3rd April
- Since then, EOS is starting to cool down, and the price is forming a bearish double top pattern. The same scenario has occurred in February as well. Will this time be any different?
EOS has recently made a new ALL-TIME HIGH of $6.53 and got rejected immediately and formed a long wick in the 4-hour timeframe as well as the daily timeframe. EOS has a strong support zone from $5.35 to $5.55. Current situations show a bearish sentiment as a double top formation is getting ready to take some action. But the price could bounce back up from the support zone mentioned earlier. The volumes are average, indicating enough players are present in the market. The market cap and 24-hour volume of the coin are $8,967,488,477 and $453,700,586 respectively.
Will bears make it happen again?
On 14th February, EOS made its then ALL TIME HIGH of $5.66, but immediately the price got rejected, and a double top formation brought the price down upto a substantial level. However, after consolidating for so long, EOS gave a breakout with April’s start and made its new ALL-TIME HIGH. Nevertheless, the bears are again gate crashing and repeat the past with the same pattern. EOS is near completion in making a double top pattern. However, the neckline is near a strong support zone that can help bounce back the price up.
If double top works, the prices could go down $4.92 and in even a worse scenario, it could go to $4.43
The price is currently hovering above the 50EMA(green) and 200EMA(black), which provide support at $5.26 and $4.45.
RSI is at 60, but there is something more important which RSI is indicating. There is a bearish divergence in play, meaning RSI could partner up with bears for now.
EOS is forming a crucial double top pattern which could take the price for a big downtrend ride. RSI is also going against the bulls for now. However, the support zone could help the price bounce back and fail all bearish plans. 50 EMA could also provide support. As 200 EMA is quite far from the price
Support: $5.35 to $5.55, $4.92, $4.43 and 50 EMA.