On July 16, 2019, the EOS price reached a low of 3505 satoshis. An upward move ensued. On July 30, the price reached a high of 4800 satoshis. It has been decreasing since.
How long will EOS continue to decrease? In order to find out the answer to that question, continue reading below.
For our previous analysis, click here.
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EOS Price: Trends and Highlights for July 31
- EOS/BTC broke out from an ascending triangle.
- There is support at 3900 satoshis.
- Short-term moving averages have made a bearish cross.
- EOS is trading below most moving averages.
Previous Movement
In our previous analysis, we stated that:The combination of these indicators suggests that the EOS price will soon break out of the current pattern.On July 25, the price broke out.
The breakout transpired with above-average volume.
The EOS price increased until it reached values of 4800 satoshis, before beginning to reverse.
Once it did, it reached a low of 4219 satoshis.
This level previously served as resistance before the breakout.
It is likely to continue providing support moving forward.
Technical Indicators
A look at the daily moving averages (MA) shows that the EOS price is at a critical position relative to the moving averages.
The 10- and 20-day moving averages made a bullish cross on July 27.
This is often a sign that an uptrend has begun.
However, the recent decrease took the price below the 10-day MA.
The 20-day one is currently at 4200 satoshis.
A price decrease below that level would likely cause the price to decrease towards the 3500 satoshi low reached on July 16.
A look at the six-hour moving averages gives a similarly bearish outlook.
The 10- and 20-period MAs made a bearish cross on July 28.
The price has been trading below both of them since.
Furthermore, it is facing very close resistance from the 10-period one.
If the previous support line fails to hold the price, the next support area can be found near 3900 satoshis.
EOS Price Summary
The EOS price recently broke out of an ascending triangle. It is currently decreasing without following a pattern. According to our analysis, it is likely to do so until it reaches the support area outlined above. Afterward, it should resume its upward move. Do you think EOS will continue to decrease? Let us know in the comments 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. Images are courtesy of Shutterstock, TradingView.
