- EOS price analysis indicates a golden crossover above the 50 and 200-day exponential moving averages
- The token broke past the $5.6 threshold in a head and shoulder pattern and is now being traded at high of $6.24
- 24-hour trading volume has dropped down to 2.6 billion while price is up 10 percent
EOS price analysis shows the beginning of a bullish trend for the token. The intra-day price has shot from a low of $5.55 to trade at $6.22 at the time of writing, recording a 10 percent increase.
EOS coin broke the threshold at $5.6 from a head and shoulder pattern forming on the 24-hour trade, before going on to cross the $6 mark for the first time since June. The price is currently testing resistance at $6, so traders looking to enter into EOS should wait for the token to properly breakout or retreat from this mark.
Altcoins fared similarly, with Dogecoin up 3 percent, Cardano moving up to $2.87, and Ripple moving up 2.5 percent to finish at $1.27. Luna was the highest performing cryptocurrency in the market, recording a 9.5 percent upturn to move up to $34.06.
EOS/USD 24-hour chart: Bullish run initiated after post-cup and handle consolidation
The 24-hour trading action for EOS price analysis confirms the appearance of a head and shoulder pattern starting from August 16. Since then, EOS price entered a volatility period ranging between $4.7 and $5.7.
After breaking the neckline at $5.6 on September 3, EOS has been on an upward ascend, clearing the 50 and 200-day exponential moving average (EMA). The RSI sits at a bullish value of 68, indicating there is very little room for buying and the price is at its current peak.
However, the current trend can be short lived if buyer pressure isn’t enforced as the 24-hour trading volume for EOS is seen to be declining opposite to the price ascend, suggesting seller pressure may be pressing.
EOS/USD 4-hour chart: Consolidation near $6 the next target for EOS
The 4-hour price action for EOS price analysis confirms how the last few trading sessions have boosted the token price past the $6 mark. However, from here, a strong buyer momentum to form consolidation at this mark is required.
The RSI is at a high value of 80, which presents a bearish expectation that once seller momentum kicks in, it might be a while before buyers can push again. The immediate scenario, however, looks good for the token, as it sails clear of previously set resistance at $5.6.
The moving average convergence/divergence (MACD) also continues to stay above the neutral zone at 0.00, indicating a bullish momentum in the coin.
EOS price analysis conclusion
From technical trends, it can be confirmed that the EOS coin is set for a bullish run after breaking past the head and shoulder threshold at $5.6. However, as with any bull run, buyer momentum is critical once new resistance is set above the $6 mark.
The RSI and the declining trading volume suggest that the price is overvalue and may be corrected in the not so distant future, but current support sits at $5 and it is unlikely that it would be tested.
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