EOS price is looking for a reversal near this critical level

Posted 5 hours ago

EOS price analysis indicates bearish momentum for the day. The price is moving in a very narrow trading range with a slight negative bias. We expect the price to recover quickly from current levels. As the price has almost corrected from its highs, this could be a buying opportunity for new entrants.

  • EOS price is trading lower for the fifth consecutive session.
  • A reversal is expected as the price took a break near $1.50.
  • Momentum oscillators warn of aggressive bids.

At press time, EOS/USD is trading at $1.52, down 1.94% for the day. Trading volume fell 37% to $4.89 in the past 24 hours according to data from CoinMarketCap.

EOS price is looking for a trend reversal

EOS price analysis on the daily chart revealed that a trend reversal may be in the supply.

The price formed a Doji candlestick during today’s session, after a strong sell-off on the last trading day. Now, if the next day’s candlestick is green, then that would be a confirmation of a “bullish hammer” pattern.

A hammer is a reversal pattern, usually formed at the end of an uptrend or a downtrend.

Sellers appear exhausted as the price rallied quickly after testing the low of $1.47, testing it twice on the hourly chart. A spike in the buy order in the last hour gives bulls hope.

Source: Commercial View

A large green candle indicates renewed buying pressure. The price is trying to break above the 20-day exponential moving average at $1.53.

An hourly close above the mentioned level would see $1.60 followed by the previous session high at $1.79.

The Moving Average Convergence Divergence (MACD) is trading below the middle line but with a bullish crossover. If it moved above the zero line, more gains could be predicted.

Source: Commercial View

On the daily time frame, the EOS price supports the 20-day ema. This also coincides with the 0.38% Fibonacci retracement level. The Fibonacci retracement extends from the lows of $0.88. A long position could be initiated if the price closes above $1.55 on a daily basis. Then the bulls could aim for a high on August 17 at $1.67.

The MACD is holding above the center line with a neutral bias.

On the other hand, a spike in the sell order could violate the bullish theory. A break of the $1.47 support zone could extend losses towards the 0.50% Fibonacci retracement at $1.40.

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In conclusion, the price looks slightly bullish, a trade above $1.55 should be confirmed for the buy side.

Rekha started as a Forex market analyst. Analyze fundamental news and its impact on market movement. Later, develop an interest in the fascinating world of cryptocurrency. Market monitoring using technical aspects. Explore on-chain analysis to follow the market.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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Richard L. Militello