Bitcoin btc
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EOS Pumps but Fails to Sustain Higher Levels

3 mins
Updated by Kyle Baird
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In Brief

  • EOS is following a descending resistance line.
  • The price is trading very close to the $2.45 long-term support area.
  • EOS/BTC is facing strong resistance at 25,600 satoshis.
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The EOS (EOS) price is trading very close to a support level that has been in place since April.
While a bounce seems more likely, a breakdown from this support area could cause a sharp drop due to the lack of additional support below it.

EOS Resistance and Support

The EOS price has been decreasing since it reached a local high of $3.95 on Aug 16. It has been following a descending resistance line through the downward movement. Currently, the price is trading very close to the $2.45 support area, above which it has been trading since April. On Oct 7, the price seemingly initiated a breakout, moving well above the descending resistance line to reach a high of $2.97 — 20% above the opening price for the day. However, the higher prices could not be sustained and the daily candlestick was completed with a long upper wick.
EOS Movement
EOS Chart By TradingView
Technical indicators in the daily time-frame are bullish. The Stochastic Oscillator has made a bullish cross and is moving upwards. The MACD has also begun to move upwards after generating bullish divergence but has yet to cross into positive territory. However, the RSI is below 50 and has not generated any bullish divergence.
EOS Technical Indicators
EOS Chart By TradingView

Trading Range

The 6-hour chart shows interesting movements in the range of $2.60-$2.90. The $2.60 area initially acted as support, before a breakdown took the price towards $2.40. The ensuing upward move served to validate the $2.60 area as resistance and create a double bottom near $2.40. During the aforementioned Oct 6 increase, the price reclaimed the $2.60 area and increased to validate the $2.90 area as resistance once more. At the time of press, EOS had returned to the $2.60 area, possibly to validate it as support again. If the price manages to continue trading above $2.60, it would be very likely for another attempt at the $2.90 resistance area to ensue. This could also cause a breakout from the descending resistance line outlined in the previous section.
EOS Trading Range
EOS Chart By TradingView
Whether the price breaks down below the support area or breaks out from the descending resistance line will likely determine the direction of the future trend. A breakdown could take the price towards the next closest support at $2.10, while a breakout could take it to $2.90-$3.50 once more.
EOS Daily Chart
EOS Chart By TradingView


Cryptocurrency trader @CryptoDonAlt outlined an EOS/BTC chart which shows a bullish engulfing candlestick, in what he believes is possibly the beginning of a new upward trend.
EOS Movement
Source: Twitter
Similar to the EOS/USD pair, EOS/BTC increased considerably during Oct 7. However, the price met resistance at 25,600 satoshis and created a long upper wick before dropping once more. The price movement for EOS/BTC seems more bearish than its USD counterpart. While the same pump caused a reclamation of a minor support level for EOS/USD, it only served to validate a resistance area for EOS/BTC. Furthermore, the lack of support below the current price could allow for another drop towards 21,000 satoshis — levels not seen since 2017.
EOS/BTC Resistance
EOS Chart By TradingView
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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.

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...