At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. In our Apr 16 analysis of EOSBUY NOW (EOS), we predicted a slight increase in the price. Our prediction has since been validated. In this analysis, we take a look at the price in both euros and dollars to predict possible price fluctuations in USD($) and EUR(€).
On Apr 10, 2019, the price of EOS reached a high of $6.07 and €5.38. A sharp increase ensued, and the price reached a low of $5.07 and €4.53 on Apr 12.
It has been on an uptrend since:
Will the price rise back up to $6/€5.3 or fall back down to $5/€4.4?
Let’s find out:
EOS: Trends And Highlights For April 19, 2019
EOS reached a high of $6.07 and €5.38 on Apr 10.
It appears to be trading inside a symmetrical triangle.
Long-term bearish divergence is developing in the RSI.
There is support near $4.9 and €4.35.
Tracing the Current Trading Pattern
The price of EOS on Binance was analyzed at one-hour intervals from Apr 4 to Apr 19 to trace the current trading pattern. We do not include euros in this section because only one trading pair is needed to accomplish this. Both EOS/USD and EOS/EUR are discussed in the final section.
On Apr 11, the price made a low of $5.11. Since then, it has been increasing, creating several higher lows.
Tracing these lows gives us an ascending support line:
On Apr 11, the price reached an hourly high of $5.67. Several market cycles have been completed and the price has made several lower highs.
Tracing these highs gives us a descending resistance line.
The resistance and support lines combine to create a symmetrical 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.
The price of EOS on Binance was analyzed at one-day intervals from Oct 2018 to Apr 2019 alongside the relative strength index and resistance areas 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.
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.
RSI and one resistance area are traced for EOS/USD below:
On Feb 24, the price reached a high of $4.58. It continued to increase and on Apr 10 it reached a high of $6.06.
Similarly, the RSI made the first high on Feb 24. However, it has continued to generate lower or identical values.
This is known as bearish divergence and often precedes price decreases. The divergence is very significant in value. Furthermore, it is occurring close to a major resistance area near $6.
The use of this indicator makes it unlikely that the price will have enough strength to move above the resistance area at $6. Price losses and a breakdown seem more likely.
In this section, we incorporate support areas into the analysis to determine possible future price levels.
Support 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.
One support area is shown for EOS/EUR (first graph) and EOS/USD (second graph) below:
The closest support area is found near $4.9 and €4.35. If the price breaks down from the symmetrical triangle, it is likely that it will reach this area.
Summary of Analysis
Based on our analysis, it is likely that the price of EOS will keep trading inside the confines of the triangle until a breakdown occurs.
Do you think the price of EOS will break down from the triangle? 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.
As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.
This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions.
The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article.
BeInCrypto provides an inside perspective on the latest trends in an emerging market while keeping our audience abreast of the hottest news, as it breaks. Our only goal is to provide you — the reader — with important information, and we would never insult your intelligence by publishing unlabeled promotional material.