Key technical points:
EOS coin price resonates between the $2.7 and $2.95 levels, resulting in an accumulation range and teasing a possible double top pattern. The consolidation comes after the 55% price jump within three weeks ranging from $2.9 to $1.88. The bullish surge surpasses the 50 and 100-day EMA but higher price rejection from the 200-day EMA.
Source-Tradingview
EOS coin price shows a high possibility of a bullish consolidation breakout as it shows lower price rejection near the $9.75 mark. However, the recent daily candle shows a 2.92% decline increases the fallout chances.
The rising 20-and-50-day EMA accentuates a strong recovery rally. However, the 200-day EMA aligned with the $3.2 resistance indicates vital barrier buyers need to overcome for a genuine bullish rally.
RSI Indicator: The RSI slope reverted from the overbought region and nosedived below the 14-day SMA, reflecting price-action counter-movement. However, such pauses or corrections are needed to maintain a healthy bull run.
MACD Indicator: The MACD and signal lines narrowing closer threaten a bearish crossover. The sell signal could bolster a minor pullback in the price.
The EOS technical analysis highlights a short pause in the ongoing rally to stabilize the aggressive buying.
Due to the consolidation range in action, the EOS coin price action is double-edged as the momentum remains trapped under range. Hence, the price action confirmation will be the ultimate signal for traders. Traders can expect a price jump to the $3.6 mark for a bullish breakout after surpassing the 200-day EMA. The bearish breakout will test the $2.5 mark on the opposite end.
Support Levels: $2.7 and $2.5
Resistance Levels: $3 and $3.6