- The 200-day EMA provides strong support to the EOS coin’s price
- The EOS/BTC pair was trading at 0.0001019 BTC with a gain of 3.10%
- the 24 trading volume in EOS coin is $1.46 Billion
After getting its second rejection from the $5.7 resistance, the EOS coin showed the formation double top pattern in the daily time frame. Last Thursday, the price provided a decisive breakout from the $5 neckline of this pattern and continued with the retest phase on the latter. However, the retest candle turned out to be quite stronger than someone would expect; thus, a follow-up candle is essential in such a scenario for better confirmation of this breakdown.
Concerning the EMA’s, due to the sudden turns in this price action, the crucial EMA’s of EOS coin have crumbled up together, projecting an unclear signal of its trend. Thus, the EOS traders can use 50 and 200 EMA to find the primary trend, i.e., bullish, as the coin’s price trades higher than both the lines.
The RSI (BULLISH) value is at 51, indicating a slightly bullish sentiment in the coin. However, the chart also shows substantial bearish divergence, indicating weakness in the bullish momentum.
The EOS Coin Crypto In The 4hr Time Frame
The EOS coin is currently wavering below the crucial resistance of the $5 mark. This level presents a make to break situation for the EOS coin. A breakout from this level will suggest the continuation of the bullish rally, and on the other side, a reversal will confirm the above’s bearish pattern.
Thus, EOS traders must wait for a proper signal before entering the coin market.
The moving average convergence/divergence(MACD) indicator shows both the MACD line and signal are moving the neutral zone(0.00), indicating the bearish momentum in the coin. However, the bullish crossover would be the result of the retest phase of the above pattern.
Conclusion: From a technical perspective, the overall trend of the EOS coin is still bullish. However, as mentioned above, the price showed a bearish pattern suggesting it could drop back to the lower level if provided with a proper follow-up candle.