Last trading week in the EOS market was able to cancel all efforts of sellers to continue the downward trend. With one weekly candle, buyers absorbed the two previous candles of sellers, showing their intentions to form a new medium-term growth wave. Having maintained the local trend line at the end of September, buyers still retain the opportunity for a strong EOS price growth with the first serious stop at $9.6. The last hurdle to achieve this target is in the range of $6.1-$6.4. This range has twice withstood attacks from buyers and is now preparing to do so for the third time.
Analyzing the trading volumes, we can not identify any significant changes since the end of May. During this time, the EOS market is moving peacefully in consolidation with a range of $3.4-$6.4, while volumes are in consolidation and consistently low. If during November, when the price approaches the range of $6.1-$6.4, we will see a gradual increase in trading volumes, it will be a good signal of the strength of buyers. Given the declining influence of BTC, the EOS market has every chance to become independent and move out of the current consolidation. However, to begin with, trading volumes must return to the market as all attention is now on other cryptocurrencies.
Though, analyzing the daily timeframe of the EOS market, you can see that there is another local mark that does not give peace of mind to buyers. In fact, throughout October, sellers skillfully kept the price below $5. The last attempt of buyers to break this mark ended on 24 October. Although the daily candle closed with a false breakout of the $5 mark, sellers were unable to implement the local initiative and the price is moving back to this mark. But, the price of buyers' error is around $4.8. Below this mark, buyers will lose control of the local growth wave that began on 17 October. In this case, you should expect the EOS price to fall to $4.3.
The EOSBTC price looks very juicy for investments at the moment. If you analyze in detail the trading history of this trading pair, you see that the market has been falling steadily for almost 3 years. Now sellers have again tested the historical lows. In addition, the global trend line that confidently kept the EOSBTC price under control is now as close as possible to the breakdown. In this case, a strong growth wave may begin in the EOS market, which will again bring EOS to the top cryptocurrencies. Therefore, we are now at a turning point in the cryptocurrency market, and we should not miss opportunities in the medium and long term.