On Apr 10, 2019, the price of EOS reached a high of $6.07 and €5.38. A sharp decrease ensued, and the price reached a low of $5.07 and €4.53 on Apr 12.
After a gradual increase, the price dropped to the same levels on Apr 22.
A sharp decrease began on Apr 24. At the time of writing, the price of EOS was trading close to $4.8 and €4.2
Where will the price go next? Let’s find out.
EOS: Trends And Highlights For April 24, 2019
- EOS reached a high of $6.07 and €5.38 on Apr 10.
- It is trading inside a symmetrical triangle.
- Moving averages have made a bearish cross
- There is support near $4.5 and €4.0.
Tracing the Current Trading Pattern
On Apr 10, the price made a high of $6.27. 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 some technical indicators.
In this section, we incorporate moving averages into our analysis.
On Apr 23, the 10-day MA crossed below the 20-day MA. This is known as a bearish cross and often indicates that a downtrend may begin.
The price decreased the next day and may continue doing so in the near future. We believe that EOS may reach the support line soon.
In this section, we incorporate support areas into the analysis to determine possible future price levels beyond the support line alone.
The closest support area is found near $4.50 and €4.0. It coincides with the ascending support line. We believe the price will reach this area.
Summary of Analysis
Based on our analysis, it is likely that the price of EOS will begin to decrease towards the ascending support line. Lows around $4.50 and €4.0 appear likely.
Do you think the price of EOS will continue to decrease? Let us know your thoughts in the comments below!
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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.