- EOS coin shows a golden crossover of the 50 and 200-day EMA
- The EOS/BTC pair was trading at 0.0001125 BTC with a gain of 2.83%
- the 24 trading volume in EOS coin is $2.79 Billion
The EOS coin indicates the formation of a Cup and Handle pattern in the daily time frame. The neckline for this pattern is at the $5.6 mark. And after the completion of the handle portion, the price is back to the doorstep of this overhead resistance. Thus, the EOS trader should wait for a proper breakout before entering into this coin,
Concerning the EMAs: The EOS coin’s price has shown some sudden reversal over the past weeks, which has caused the EMA’s 20, 50, 100, 200 EMA to be drawn too close together, making it challenging to trade any signal correctly. To avoid confusion, EOS traders can restrict EMA’s to only 50 and 200 EMA in order to identify the primary trend in this coin.
The RSI (BULLISH) value is at 60, indicating a bullish sentiment in the coin. However, the chart also shows a substantial bearish divergence concerning the coin’s price, indicating weakness in the bullish momentum.
EOS Coin Price May Enter A Consolidation Phase
EOS coin in the lower time price such as 4hr provides a deeper picture of this chart indicating the other possibility of this coin. With the support of the RSI divergence mentioned above, the coin shows a reasonable chance of this coin entering a small consolidation phase, if the price rejects from the resistance level of $5.6
The moving average convergence/divergence(MACD) indicator shows both the MACD line and signal have crossed higher than the neutral zone(0.00), indicating a bullish momentum in the coin.
Conclusion: From a technical perspective, the overall trend of the EOS coin is bullish; as mentioned above, the price is currently near the neckline for the Cup and handle patterns and could provide a strong directional move if it breaks manages to break from this resistance level.