EOS Price Key Highlights
- EOS price recently busted through the top of its symmetrical triangle on the 4-hour chart to signal that a climb is taking place.
- Price is also trading inside a short-term ascending channel and may be aiming for the top around 6.5000.
- Technical indicators are giving mixed signals, with moving averages supporting further gains.
EOS could be in for more gains as it made an upside break from a triangle consolidation and is forming an ascending channel.
Technical Indicators Signals
The 100 SMA is still above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to gain traction than to reverse. Also, the 100 SMA lines up with the short-term channel support around 5.5750 to add to its strength as a floor in another dip. This is also in line with the broken triangle resistance, which might now hold as support.
Stochastic is already dipping into the overbought zone to signal exhaustion among buyers. This oscillator looks ready to turn lower to signal return in selling pressure, possibly leading to a drop to nearby support zones. RSI is also turning lower without hitting overbought levels, indicating that sellers are eager to jump back in.
Note that the chart pattern spans 4.5000 to around 7.0000 so the resulting climb could be of at least the same height.
Most cryptocurrencies appear to be slowly breaking out of their consolidation patterns and signaling more upside, including EOS. There’s no particular catalyst that seems to have stemmed this move, apart from a general pickup in demand.
Elsewhere in financial markets, there are signs of strain on rising US bond yields, emerging markets concerns, and geopolitical risks in Europe. These risk-off moves appear to be pulling traders out of stock markets and commodities and onto non-traditional markets like cryptocurrencies again.
The post EOS Price Watch: Bulls Setting Their Sights Higher appeared first on NewsBTC.