The EOS price prediction by Wine Trader shows that the cryptocurrency will soon test the $2.88 resistance. The cryptocurrency traded above $2.5 on the 11th of November.
1-Day EOS price analysis
EOS trades with fairly less price variation over the chart for the 11th of November. The price traded within the $2.5 to $2.54 range, with a day’s high of $2.541 and a low of $2.458. However, just before closing the day’s trade, the cryptocurrency’s price abruptly fell towards the $2.460 level.
What’s next for EOS?
We can see that a triangle pattern is formed on the 1h time frame for the EOSUSD pair. The crypto analyst DLavrov believes that the cryptocurrency is going to move into a long position next.
The entry-level for this position lies at $2.525, and the price was expected to break the triangle towards the upside. The 200-Day Moving Average varies below the triangle pattern as a support, while the bottom of the trading range is at $2.40. The target price was marked at $2.615, and the cryptocurrency entered this triangle on the 7th of November.
The Moving Average Convergence Divergence (MACD) line had moved above the signal line, and the histogram gram size appeared to be increasing in the positive region. These are bullish indicators for the trading pair. On the 12th of November, the price observed a slight decline and has moved below the stop-loss that was marked at $2.491.
Per the chart above, the Relative Strength Index (RSI) has moved above the midline, but it has closed in the neutral region still. The RSI appears to be trending upwards as well.
EOS price prediction: What to expect?
The Trading View analyst Wine Trader believes that the cryptocurrency is forming a Bat XABCD pattern and a bullish wedge on the charts. If we look at the chart below, we can see these multiple patterns forming on the 4h time frame for the EOSUSD trading pair.
The cryptocurrency moved below these resistance zones on the 7th of September, and it has been trading below it ever since. The price has been moving in a descending triangle, and it will soon break out of it per the technical indicators. A green support level is highlighted below the point where EOS is trading, and the price is expected to bounce towards the upside and into a bullish wedge pattern. Once the cryptocurrency moves towards the resistance zone, the XABCD bat pattern will be completed. The target price for this trade was marked above $2.88.
EOS technical indicator movement
On the chart above, we can see that the Bollinger bands show a decrease in the expansion and a decrease in the price volatility through most of the 11th of November until the price reached the end of the day and fell towards $2.46. At this time, we can see an increase in the expansion and thus, the price volatility. The cryptocurrency recovered above the $2.49 mark, and the RSI moved above the midline.