EOS price is trading very close to support since April.
Although the upside is very high, a breakdown from this support area can cause a drop in strength due to lack of support below it.
EOS distance and support
EOS turned down in value when it reached its local level of $ 3.95 on August 16. It moved in line with the gradual resistance line through the downward movement.
Currently, the price of the trade is very close to $ 2.45 of the zone support, above which it was traded during April.
On October 7, the price as though started to break down, strongly moved above the descending resistance line to reach a high of $ 2.9, which represents a 20% gain from the intraday opening price. However, the higher price could not be sustained and the daily bar was completed with a long upper shadow.
EOS symbols / USD Daily | Source: TradingView
The indicator techniques within the daily time frame are bullish. The Stochastic RSI has created a bullish and rising streak. The MACD also started to go up after forming a bull run but has not yet entered the positive territory.
The indicator RSI, however, remains below 50 and is not making any gains in price.
EOS symbols / USD Daily | Source: TradingView
Margin trading
6 hour chart for moving positions in the $ 2.60- $ 2.90 range.
The top $ 2.60 zone acted as support, before a breakdown set the price at $ 2.40. Up to the next move is used to verify the $ 2.60 is the resistance and create a double bottom near $ 2.40.
During the aforementioned October 6 rally, the price retraced the $ 2.60 zone and moved up to identify the $ 2.90 zone as resistance once again. At the point of writing, EOS is back in the $ 2.60 zone, possibly to confirm it’s supported once again.
If the price continues to trade above $ 2.60, then it’s very likely that the bulls will make another attempt to climb above the $ 2.90 range. This is also give up the regression on the range of remake in the before section.
EOS / USD frame icon 6 time | Source: TradingView
The breakout down under the area support or drop up on the acircration distance will tend to determine in the future.
A breakdown can bring the nearest support price at $ 2.10, while a breakdown can bring the price to $ 2.90 – $ 3.50 again.
EOS symbols / USD Daily | Source: TradingView
EOS / BTC
Trader CryptoDonAlt has compiled a symbolic EOS / BTC showing a sinking impression, according to what he believes could be the start of a new trend.
Source: Twitter
Similar to the EOS / USD pair, EOS / BTC rallied sharply throughout October 7. However, resistance was at 25,600 satoshi and produced a long wick before falling again.
The volatile price of EOS / BTC seems to be decreasing relative to its USD pair. Although this state pump helps the EOS / USD pair to recover a small zone of support, it only serves to confirm the resistance zone of the EOS / BTC pair.
Moreover, the missing support under the current level may be can be the price down down 21,000 satoshi – not per zin from year 2017.
EOS / BTC Daily Chart | Source: TradingView
Disclaimer: This article is for target information only, not investment. We are not responsible for your advice.