Before it can expect future 4.6 percent increases, EOS must first achieve these prerequisites.

 81 Interactions,  6 Today

Over the last three days, EOS has maintained a respectable climb. After rebounding from the 4-hour 200-SMA, EOS surged 13 percent to a one-week high of $5.4. Despite recent lows, the price has produced numerous positive setups on the chart.

At press time, the zone between $5.47 and $5.57 was in the crosshairs as EOS tried to advance north. On the other hand, the market appeared vulnerable to a newer bottom and a continuance within a widening wedge.

EOS was trading at $5.32 at the time of writing, up 0.7 percent in the previous 24 hours.

EOS Hourly Chart

EOS traded in a broadening wedge formation, which is projected to play out as a continuation of a prior uptrend. A decisive closing above $5.34 on good volumes would increase the likelihood of a breakout. Price targets can be set between $5.47 and $5.57, reflecting a 4.6 percent increase from the press time level.

In the event of a minor decline, the price must remain above the hourly 20-SMA to retain a positive perspective. If sellers break through the 20 (red) and 50 (yellow) SMAs, the chances of a new bottom between $5.1-$5.0 are significant. A cautious flag should also be placed at $5.38, as this region may cause a reversion to the higher trendline.

See also  VeChain, Polkadot, EOS Price Movement Analysis for 5th February 2021

Reasoning 

The Awesome Oscillator was on the mend after falling from a one-week peak. As buying pressure has increased in recent sessions, a few green bars have formed above the half-line. In order for EOS to break through the $5.6 barrier, the index would need to return to levels recorded in late August.

Surprisingly, the Aroon Up saw a bullish crossover over the Aroon Down. This type of development frequently heralds the start of a trend reversal. The Directional Movement Index also showed a positive crossover, although a low ADX reading prevented larger near-term gains.

 

Conclusion 

In the event of a northern breakout, EOS was looking for a zone between $5.47 and $5.57. Its indicators identified crucial crossovers, and purchasers are predicted to respond favourably. However, the swing high of $5.38 must be overcome before the script can be totally flipped to the bullish side.

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