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EOS Continues Pushing Toward the $6 Barrier (EOS/USD Price Analysis for 04/16/19)

3 mins
Updated by Alexander Fred
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At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. In our Apr 12 analysis of EOS (EOS), we predicted a slight increase in the price. Our prediction was validated on Apr 15, when the price reached the resistance area we defined. To learn more, read our latest analysis below:

On Apr 3, 2019, the price of EOS reached a high of  $6.09. After a gradual decrease, a slightly higher high was reached on Apr 11.
The price has steadily fallen from the $6 level. Lows near $5 have been reached. At the time of writing, prices were trading around $5.40.
EOS Outlook
EOS Prices: Apr 2 – Apr 16
Will EOS rise back up to $6 or fall back down to $5? Let’s find out:

EOS (EOS): Trends And Highlights For April 16, 2019

  • EOS/USD reached a high of $6.11 on Apr 10.
  • It appears to be trading inside a symmetrical triangle.
  • EOS is following a long term support line.
  • Bullish divergence is developing in the RSI.
  • There is resistance near $6.

Tracing the Current Trading Pattern

The price of EOS on Binance was analyzed at one-hour intervals from Apr 4 to Apr 16 to trace the current trading pattern.
On Apr 4, the price made a low of 4.84. Since then, it has been increasing, creating several higher lows. Tracing these lows gives us an ascending support line: EOS Support On Apr 10, the price reached a high of $6.11. Several market cycles have been completed and the price has made several lower highs. Tracing these highs gives us a descending resistance line. However, the line has only been touched twice, therefore it is possible that the price follows a slightly different line. The resistance and support lines combine to create a symmetrical triangle: EOS Triangle It is likely that the price will keep trading inside the confines of this triangle until a decisive move occurs. In order to figure out the direction of the move, we need to look at a longer time-frame and incorporate technical indicators.

Technical Indicators

The price of EOS on Binance was analyzed at four-hour intervals from Mar 27 to Apr 16 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.
EOS Divergence
We can see that the price has been following an ascending support line since Mar 27, which coincides with the support line of the symmetrical triangle we have outlined above. On Apr 11, the price reached a low of $5.11. It reached a similar low on Apr 15. 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. The divergence is not very significant in value. However, it is occurring at two support lines, both short and long-term. Therefore, we believe that the price will not break down from the current trading pattern. On the contrary, it appears more likely that EOS/USD will increase at the rate predicted by the line and breakout by the point of convergence between resistance and support.

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:
EOS Resistance
The closest resistance area is found near $6. If the price does not break down from the support line, it may eventually reach this area.

Summary of Analysis

Based on our analysis, it is likely that the price of EOS will increase at the rate predicted by the support line we have outlined above. We cannot confidently predict whether it will have enough strength to reach the resistance area. How high will the price of EOS go? Let us know your thoughts in the comments below! For 2019 and 2020 EOS price predictions, click on the green button below:

2019/2020 EOS/USD PREDICTIONS

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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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.

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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)
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