- EOS coin obtaining strong resistance from the 200-day EMA
- The EOS/BTC pair was trading at 0.00004553 BTC with a gain of 4.53%
- The 24 hr trading volume in EOS coins is $1.73 Billion
On 29th September, the EOS coin price bounced from the $3.6 mark with a morning star pattern. After providing a proper follow-up candle, the price was also above to break out from a significant resistance of $4.5. However, the breakout candle was not so impressive, and the price is still below the 200 EMA. Thus, a candle closing above this EMA line is required before considering a long trade.
Due to some sudden reversal in EOS coin price, the crucial EMA’s 20, 50, 100, 200 are 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 to identify the primary trend in this coin, which is bearish.
The RSI (BULLISH) value is at 50, indicating a bullish sentiment in the market.
EOS Coin Provided A Breakout From A Rounding Bottom Pattern
The EOS coin displays the formation of a rounding bottom pattern in the 4hr time frame chart. The pattern had its neckline at the $4.5 mark, and yesterday the price managed to provide a decisive breakout from this crucial resistance. The price is currently in a retest phase, which can validate if this breakout is genuine or not. The current price of the EOS coin is $4.49, with an intraday loss of 3.08%.
The moving average convergence/divergence(MACD) indicators show both the MACD and signal line are moving above the neutral zone(0.00), indicating a bullish momentum in this coin.
Conclusion: From the technical perspective, the overall trend of the EOS coin is still bearish. However, the current price action suggests a bullish outlook with its rounding bottom pattern. The crypto trades need to be patient until the price gives a proper follow-up candle for the $4.5 breakout.
Support– $3.6
Resistance– $4.5