EOS Technical Analysis: Buyers Crowd At $1.58 Hoping To Reach $1.75

EOS technical analysis displays the buyers regaining trend control after the bullish reversal from the confluence of the 50-day EMA and the support trendline. Currently, the reversal rally challenges apply pressure at the $1.58 mark delaying an uptrend to the $1.75 resistance level. Will buyers sabotage the increased selling activities at the $1.58 mark?

Key Points:

Source - TradingView

EOS Technical Analysis

The EOS price shows a bullish reversal from the 50-day EMI and the support trendline with a morning star pattern on 1st September. However, the uptrend struggles to exceed the selling pressure at the $1.58 mark, but the lower price rejection in the recent bullish candle of a 5% jump keeps the bullish hope alive.

Currently, the technical analysis displays a bearish influence over the daily candle resulting in a 1.59% decline in the market value. Nonetheless, as the prices sustain about the $1.50 mark, the possibility of a bullish breakout will increase. Moreover, the bullish crossover possibility of the 50 and 100-day EMA increases, which may drive the market value to the 200-day EMA.

If the EOS prices break above the $1.5 mark, the market value may rise by 10% to challenge the 200-day EMA at the $1.75 mark. Moreover, increasing buying pressure near the opposing EMA might result in a bullish breakout to test the recent swing high of $2.

On a negative note, increasing selling pressure at the $1.58 mark may drive the prices back to the support trend line below the $1.5 mark.

Technical Indicators

The declining trend in the fast and slow lines failed to sustain the bearish gap, which increases the possibility of a bullish crossover. Hence the MACD indicator may soon signal buying opportunity if the prices break above the $1.5 mark.

However, the RSI indicator maintains a lateral trend with growing bullish influence in the nearly overbought zone below the 14-day SMA. However, the RSI slope exceeding the 14-day SMA will signal an improvement in the underlying bullish sentiments.

Hence the technical indicators project an improvement on the bullish side which increases the bullish trend possibility in EOS prices.

Resistance levels - $1.58 and $1.72

Support levels - $1.50 and $1.40