Understanding EOS’s Current Market Trend
The existence of a bullish mark at $4.1 on the EOS/USD chart failed to go past the $5.8 resistance point. Expert viewed the figure as the one to break the bullish reversal.
Traders took part in the sale with the aim of lowering the value of EOS, however, the cryptos downward drop has been the highlight of the past week. Pointers indicate that the value might finally rise in the course of this week.
A look at the Stochastic Oscillator Period 14 is on top of the 40 mark a clear indication that a bullish reversal will be created. On the 4H-chart, EOS has remained bearish with the value rising, a signal of breaking the bullish trend. This week has witnessed consolidation of prices leading to the formation of an equilibrium.
In case the crypto’s value rises, above $5.8 and become bullish then a breakout downwards can be expected. In the end, an upward trend will be witnessed.
Comparing the support and resistance marks, the value is dangling within resistance boundaries marked by $5.8 with $4.1 representing the support level. With the figures, an upward trend is within the vicinity.