EOS technical analysis: EOS/USD bulls try to step up to prevent further downward movement
- EOS/USD is priced at $3.21 in the early hours of Friday.
- The relative strength index (RSI) curve has crept into the oversold zone.
EOS/USD daily chart
EOS/USD is on the course of having a bullish day after three straight bearish days. Over Tuesday, Wednesday, and Thursday, the price of EOS/USD had fallen from $3.58 to $3.20. So far, the bulls were able to take the price up to $3.21 slightly. The price has found resistance on the downward trending line and is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The relative strength index (RSI) curve has crept into the oversold zone.
EOS/USD 4-hour chart
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The 4-hour EOS/USD price chart shows that a sudden bearish move which took the price below the 20-day Bollinger band, indicating that it was underpriced. Since then, the price trended horizontally and re-entered the Bollinger band. The moving average convergence/divergence (MACD) indicator shows decreasing bearish momentum.
EOS/USD hourly chart
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The hourly EOS/USD chart was trending horizontally when it suddenly plunged from $3.20 to $3.08. Immediately after that, the EOS/USD price went up from $3.08 to $3.19, indicating that the bulls rallied together and fought back. Elliott oscillator shows sustained bullish momentum.
Key Levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
