On Mar 26, the price of EOS began a gradual uptrend. A high of $6.09 was reached on Apr 3. After a gradual decrease, a slightly higher high was reached on Apr 11.
The price has steadily fallen from the $6 level. the Lows near $5 have been. However, at the time of writing, prices appeared to be moving toward $5.50.
Will EOS rise back up to $6 or fall back down to $5?
Let’s find out:
EOS (EOS): Trends And Highlights For April 12, 2019
- The price of EOS began an uptrend on Mar 26.
- EOS/USD reached a high of $6.11 on Apr 10.
- Currently, EOS appears to be trading inside an ascending channel.
- Bullish divergence is developing in the RSI.
- There is resistance near $5.65.
Tracing the Current Trading Pattern
On Mar 26, the price made a low of $3.64. Since then, it has been increasing, creating several higher lows.
Tracing these lows gives us an ascending support line:
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On Apr 3, the price reached an hourly high of $5.56. Several market cycles have been completed and the price has made several higher highs.
Tracing these highs gives us an ascending resistance line.
The resistance and support lines combine to create an ascending channel:
It is likely that the price will keep trading inside the confines of this channel until a decisive move occurs. In order to figure out the direction of the move, we need to look at technical indicators.
RSI Divergence
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On Apr 11, the price reached a low of $5.11. On Apr 12, it reached a low of $5.07.
Similarly, the RSI made the first low on Apr 11. However, it has continued to generate higher values since.
This is known as bullish divergence and often precedes price increases.
Based on this indicator, we believe that price increases towards the resistance line are forthcoming in the short-term.
Future Movement
In this section, we incorporate resistance areas into the analysis to determine possible future price levels.
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The closest resistance area is found near $5.65. This resistance area is within the current trading pattern. Thus, it appears likely that this level could be reached in the short-term.
Summary of Analysis
Sponsored SponsoredBased on our analysis, it is likely that the price of EOS will increase and reach the resistance area. Price may not reach $6 in the near future, but it should exceed $5.50 at least for a moment.
Where do you think the price of EOS will go? Let us know your thoughts in the comments below!
For 2019 and 2020 EOS price predictions, click on the green button below:
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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