EOS Price Trends and Price Analysis
The altcoin market is gradually sinking along the third quarter of 2019. EOS remains the top bull with a trading price of $3.78. It seems that the past 48 hours have been favorable for a bullish rally candlestick. In fact, the 4-hour chart stands out conducive for; bulls that have now soared beyond the 12-day EMA several times till press time. The Relative Strength Indicator (RSI) has shunned the need for a short price consolidation to the bulls so as to give room for an RSI cool down.
EOS RSI has been Overextended in the Hourly Chart
Within the next few hours, the hourly EMA’s are heading towards a bear cross yet the RSI hasn't yet been overextended. The hourly chart is pointing towards a measly rising consolidation and has currently confirmed a downwards trend once more. However, the downtrend does not seem to be a serious concern for the bulls as of now. Meanwhile, EOS is currently priced below the two EMA’s.
Nevertheless, EOS is the leading bull to break out from the Equilibrium Pattern and is evident of an upward continuation unlike LTC or ETH. Going along these lines provides that EOS strength enabled it to break above a daily resistance rally.
Therefore, the coin will not be facing it is any resistance until a price level of $4.268. It is worth noting that the volume behind the recent bull trends has held no significant concern for the past two weeks, meaning the bulls have an underlying strength that is unlikely to face any resistance.
In conclusion, the weekly chart hasn't changed that much given that its high is still held at $4.77. On a clear note, the bulls might require massive strength to continue upward. Nevertheless, the recent price surge has set the bar for a potential weekly Equilibrium Pattern.Opinion holds that the bulls are not in a bid to break the resistance. The best bet being a lower high, plus a higher low compared to a price level of $3.06. The bulls are sure they can break out from the pattern, but not in one single move.
About The Author
Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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