EOS Price Analysis: Waiting for a Triangle Breakout

EOS has formed lower highs and higher lows to consolidate inside a symmetrical triangle on its 4-hour time frame. Price is bouncing off the top and might be due for another dip to support around 2.600.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This suggests that support is more likely to hold than to break. The moving averages are also close to the bottom of the triangle to add to its strength as a floor. If it holds, another bounce back to the top might follow.

RSI is on the move down to indicate that sellers are regaining the upper hand. This could be enough to take price back down to the triangle support before oversold conditions are seen and buyers return. Similarly stochastic is heading south so EOS price might follow suit.

Cryptocurrencies have seen a bit more green than usual over the past few days as volatility is picking up and sentiment in the industry appears to be improving. For EOS, this was enough…

Read Full Story : Ethereum World News

2019-02-12 04:27:40

Rachel Lee

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