EOS Price Prediction: EOS rallied by 5%, sustained above $1 ?

• EOS Coin shows bullish cues in last 24 hours
• Supertrend generated buy signal after breakout range of $1
• Higher highs candle formation with intraday gain of 5.23% and last 24 hours volume drops by 12.86%

EOS had been in downtrend for a couple of months, recently multiple indicators generated buy signal with intraday gain of 5.23%. The volume to market cap ratio is stood at $0.1851

Daily chart indicates trend reversal

Source : EOS/USDT by Tradingview

On a higher time frame, prices had been quite volatile in the past few months. In the month of August and September EOS prices had shown massive spikes hitting highs of $1.900 but unfortunately got rejected twice from the higher levels which will now act as strong supply zones for coming months. At the end of September prices start falling and losses complete gains till the November end.

After consolidating for a few days, prices had gained momentum back. Bulls able to reclaim the 50 day ema (pink) with a strong bullish candle breaking $1 indicates strength and more upside momentum may continue in coming days. The RSI at 64 pointing upside indicates strength, also The increasing green volume bars confirms the bullish momentum.

The closer outlook

Source : EOS/USDT by Tradingview

On a lower time frame, The supertrend indicator had generated a buy signal indicating short term price reversal. Prices had breakout $1 resistance with a deep bullish candle which will now act as an immediate support for coming days. As of now prices seems like picking up the momentum and traders and investors may look for buying opportunity for the target of $1.214 followed by next $1.484 by keeping $0.800 SL

Summary

After analyzing the prices on multiple time frames, EOS/USD $1 breakout looks sustainable. Multiple indicators had generated buy signals at the same levels $1 which develop confidence for the new investors to create buy positions in EOS.

Technical levels

Resistance levels : $1.214 and $1.484

Support levels : $1.000 – $0.800

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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