EOS Price Prints 17% Weekly Gains; Time To Buy?

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Published 4 hours ago

EOS price trades higher with remarkable gains. The formation of the double structure near $1.38 resulted in a jump of  35% to the highs of $1.80. However, the bulls meet resistance at the current level. At the time of drafting, the EOS coin is trading at $1.74, up 5.73% for the day.

EOS price trades with remarkable gains as the week comes to end.
A bullish Cup & Handle formation on the daily chart points to more gains.
The trading volume increased 27% to $765,804,010 indicating sustained buying.

EOS price looks for extension of gains

Source: Trading view

EOS price on the daily chart is formed a  “ Cup & Handle” pattern, which is a bullish continuation pattern. On May 09, the price gave a breakout below $1.91 and has been consolidating since then. EOS try to break above this given level, but faces heavy selling pressure, and came down again, but eventually, find support near the lower levels. The buyers managed to flip $1.9 support into resistance. 

Further, the coin traded above the 200-day exponential moving average. According to this pattern, If the price is able to break above this the session’s high, with rising volumes, then we can expect a good bullish momentum up to the previous swing high. 

Source: Trading view

 On the four-hour chart, EOS  formed a “Double Bottom” structure. Currently, the price is facing the resistance of its previous swing high. EOS is making higher highs and higher lows. There is quite a probability of price giving a breakout above its previous swing high with more than average volumes. 

Also read: http://Just-In: Is This A Crypto Market Recovery? Here’s Why There’s More To It

The nearest support is $1.60, whereas the most relative resistance is $1.95.

On the other hand, a break below the $1.60 level could invalidate the bullish outlook. And the price could move lower toward $1.36.

EOS is bullish on multiple time frames. Above $1.91 closing on the hourly time frame, we can put a trade on the buy side. 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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