EOS Technical Analysis: Will The EOS Price Resurface Above $1.20?

The EOS price action displays a trendline fallout rally, struggling to gain bearish momentum after crossing the $1.20 mark. Furthermore, the price action shows a morning star pattern with lower price rejection teasing a trend reversal if buying pressure increases. So, is EOS resurfacing above the $1.20 mark?

Key Points:

Source - TradingView

EOS Technical Analysis

The EOS price action displays a downtrend cracking the long-coming support trendline prolonging the correction phase below the $1.20 support level. However, the price action demonstrates a bearish failure gain follow through below the $1.20 horizontal level.

Also, according to the price action analysis, the morning star pattern with a lower price rejection Doji candle increases the possibility of a bullish breakout.

After breaking below the support trend line, influence over the 50 and 100-day EMA increases, resulting in the bearish crossover. Moreover, the bearish gap between the EMAs increases as the price ranges below the $1.20 support level.

Additionally, the declining trend in the intraday trading volume during the correction rally projects a growing weakness in the selling pressure. Therefore, if the market value rises above the $1.20 resistance level, we can expect the bullish rally to continue to the overhead resistance of $1.40.

Conversely, if the sellers gain momentum below $1.20, the EOS market price will tumble to the bottom support at $1.

Technical Indicators

The RSI slope spikes display a slight reversal in the nearly oversold zone, reflecting weakness in the selling spree. Moreover, the MACD indicator shows the declining bearish spread between the fast and slow lines teasing a bullish crossover.

Therefore, the technical indicators show the underlying sentiments are taking the bullish highway. As a result, the EOS technical analysis forecasts a bullish breakout of the $1.20 breakout.

Resistance Levels - $1.20 and $1.40

Support Levels - $1 and $0.80