EOS Technical Analysis: Increased Demand Boosts EOS Prices by 15%
Table of contents
Key Technical Points:
Past Performance of EOS
The US price charged displays a consolidation range formed between $0.85 and $1, after the $1.20 fallout in early June. However, the recent bullish reversal breaks above the consolidation range and the 50-day SMA resulting in the formation of a support trendline. The bull run accounts for a 30% price jump in the last ten days and approaches the $1.25 resistance level.
Source - Tradingview
EOS Technical Analysis
Yesterday, the bullish reversal in EOS prices from the support confluence of the 50-Day SMA and the support trendline accounted for a 20% jump. Moreover, the market value sustaining above the 50-day SMA projects a potential uptrend to the next 100-day SMA at $1.5.
The RSI and MACD indicator supports the possibility of a bull run to $1.5 as they display an increase in buying pressure.
The RSI slope displays a gradual increase over the last two weeks resulting in a spike to the overbought boundary. Moreover, the fast and slow lines in the MACD indicator show an increase in the bullish spread as they maintain an uptrend in positive territory.
In a nutshell, the EOS technical analysis shows a bullish bias and forecasts an uptrend to $1.40
Upcoming Trend
If the uptrend continuation breaks the $1.25 resistance level, the EOS price will shoot up to the next bearish milestone at $1.40. However, a reversal from $1.25 will lead to a retracement to the support trendline close to $1.10.
Resistance Levels: $1.25 and $1.50
Support Levels: $1.10 and $1