- The RSI shows a substantial bearish divergence concerning the EOS coin’s price
- The EOS/BTC pair was trading at 0.0001065 BTC with a gain of 1.87%
- the 24 trading volume in EOS coin is $1.12 Billion
On 7th September, the Crypto market experienced intense selling pressure for almost the majority of coins out there. Thus, the EOS coin was no exception, and the price dropped nearly 20% and re-established its crucial support of the $4.45 mark. Furthermore, the price shows a morning star pattern at the 0.618 FIB level, offering a better chance of price reversal from here.
The sudden reversal of EOS coin prices has caused the crucial EMAs 20, 50, 100, and 200 to close together, making it challenging to trade any signal. Thus To avoid confusion, EOS traders can limit EMA’s to only 50 and 200 EMA in order to identify the primary trend within this coin.
The RSI (BEARISH) value is at 48, indicating a slightly bearish sentiment in the coin. Moreover, the RSI substantial bearish divergence in this coin suggests the market bulls’ decreasing strength.
EOS Coin On The Neckline Of Its Double Bottom Pattern
The EOS coin indicates the formation of a double bottom pattern with the crucial support at the $4.5 mark. The neckline for this pattern is at the $5 level, and thus the Crypto trader must wait for a proper breakout from this level to grab an excellent long trader in this coin.
The MACD indicator shows a bearish sentiment in the price as both the MACD and signal lines are moving below the neutral zone(0.00). However, these lines also show A bullish crossover between them, providing a great confirmation for the above pattern.
Conclusion: From a technical perspective, the overall trend of the EOS coin is still bullish; as mentioned, the chart shows a reasonable possibility of the coin price bouncing from this level with its morning star pattern. Moreover, the Crypto trader can use the double pattern for an entry opportunity in this coin.