- EOS price had a massive 43% breakout in the past week reaching $3.77.
- The digital asset is still down 31% from its 2020-high set in February.
EOS has traded relatively flat in November despite the entire crypto market turning bullish. Finally, EOS price woke up, jumping from a low of $2.63 on November 20 to a current peak at $3.77. Unfortunately, some indicators are showing that the digital asset is poised for a pullback in the short-term.
EOS facing a potential massive correction
On the daily chart, the TD Sequential indicator has just presented a sell signal – in the form of a green nine candle – after EOS price reached $3.77. The same call was created on February 12, right at the 2020-high at $5.499. Considering the fast rally seen in the past week, there is very little support on the way down for EOS.
EOS/USD daily chart
Additionally, it seems that all sell signals presented by this indicator since February have been validated. On the 12-hour chart, the TD Sequential has just also posted a sell signal in addition to another on the 4-hour chart.
EOS/USD 12/4-hour charts
The validation of all three signals could quickly send EOS price towards the psychological level at $3 and as low as $2.8, where the 50-SMA is established on the daily chart. On the other hand, climbing above the last high at $3.77 would drive EOS price to the 2020-high at $5.499 as the market remains heavily bullish.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.