See More

EOS Struggles to Regain a $6 High (EOS/USD Price Prediction: 04/12/2019)

3 mins
Updated by Valdrin Tahiri
Join our Trading Community on Telegram
 
At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. In our Apr 8 analysis of EOS (EOS), we predicted a long-term decrease in the price. Price increased slightly until Apr 11, when a sharp drop began. The price is currently trading at levels slightly lower than those on Apr 8. To learn more, read our latest analysis below:

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.
EOS Outlook
EOS Prices: Mar 26 – Apr 12
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

The price of EOS on Binance was analyzed at six-hour intervals from Mar 26 to Apr 12 to trace 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: EOS Ascending Support 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: EOS Ascending ChannelIt 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

The price of EOS on Binance was analyzed at two-hour intervals from Apr 8 to Apr 12 alongside the relative strength index to determine possible future price movements.
The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market.
Combining RSI bullish/bearish divergence with support/resistance essentially predicts price fluctuations. RSI is shown in the chart below the ascending channel:
EOS Divergence
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.
Resistance areas are created when the price reaches a certain level numerous times. They can act as a reversal area in case a breakdown or breakout occurs.
These are shown in the chart below:
Resistance EOS
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

Based 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.
Top crypto platforms in the US | April 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored