On June 4, the EOS price reached a high of $6.88. A rapid increase ensued, which was followed by a gradual decrease. The price reached a high of $6.8 on June 7. It has been decreasing since.
EOS seems to have created a support area around $6. Will it break down or is there a reversal in store?
Keep reading below in order to find out:
EOS Price: Trends and Highlights for June 10, 2019
- The EOS price reached a high of $6.88 on June 4.
- It is trading inside a descending triangle.
- The price is trading inside a long-term ascending broadening wedge.
- Moving averages in different time-frames have made bearish crosses.
- There is resistance near $6.75 and support near $5.4.
Tracing the Current Trading Pattern
The price of EOS/USD on Binance was analyzed at two-hour intervals from June 4 to June 10 in order to trace the current trading pattern.
On June 5, the EOS price reached a low of $6.04. A gradual increase ensued. The price reached a high of $6.8 on June 7.
It has been decreasing since, trading inside the descending triangle outlined below:
At the time of writing, the EOS price was nearing the end of the triangle.
Will it break down?
A look at technical indicators is required in order to find out.
Possible Reversal?
The EOS price is analyzed alongside the 10-, 20-, 100- and 200-period moving averages below. A two-hour time-frame is used in the first graph while a daily one in the second.
On June 8, the 100-period MA crossed below the 200-period one. This is known as a bearish cross and often indicates that a downtrend has begun. Furthermore, the length of the MAs makes this a long-term bearish cross. The 10- and 20- period short-term MAs followed with a bearish cross several hours later.
A similar movement occurred between the 10- and 20-day moving averages on June 8:
Furthermore, we can see that the EOS price is following an ascending, broadening wedge since Feb 14.
At the time of writing, the price was close to the support line of the wedge.
The analysis of technical indicators supports a breakdown from the triangle and a drop to the support line.
EOS Price: Reversal
In this section, we incorporate resistance areas to predict where the EOS price can initiate a possible reversal.One resistance area is shown for EOS/USD below:
Summary
Based on an analysis of technical indicators, it is likely that the EOS price will break down from the short-term descending triangle and reach the support line outlined above. Do you think the price of EOS will break down from the triangle? Let us know your thoughts 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.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 Conditions, Privacy Policy, and Disclaimers have been updated.
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)
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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