In the short-term trend, EOS seems to have been engulfed by the bears while the long-term charts show the token making a safe getaway from the attack. The long-term now shows an imminent bull run. At the time of press, EOS was at $5.36, with a market cap of $4.8 billion.
EOS, the fifth-largest cryptocurrency in the market, has seen a 1.61% fall in the 24-hour chart in the ongoing bear market. Like all the coins in recent times, EOS has been showing the bearish downtrend.
1-hour:
The trend lines indicate a downward trend and have been in the downtrend direction for quite a while. The longtime support for EOS is at $5.39, while the resistance is at $5.64.
The Bollinger Bands seem to be on the verge of convergence, indicating an almost immobile market. The candles are moving away from the upper Bollinger band and towards the center.
The MACD histogram looks flat due to an even sell and buy pressure and MACD line has started to cross over the signal line towards the bottom, indicating a bearish move of the market.
The Awesome Oscillator points out that the market momentum has slowed down because the red spikes are starting to diminish.
1-day:
Similar to the 1-hour chart, the trendlines in the 1-day chart are in a downward trend, indicating that the bear has control over the market. The downward trend seems to be persistent since June and the price is in the range of $14.84 to $4.5. Resistance levels for the same can be found in the range of $6.19 to $7.06.
The Relative Strength Index [RSI] line for EOS seems to be at the center indicating that the selling and the buying pressure are canceling each other out.
The Parabolic SAR is showing a bullish trend since the dots are aligning below the candles.
The Relative Vigor Index [RVGI] indicates a bullish trend as seen by the crossover.
Conclusion:
The 1-hour chart as discussed earlier seems to show all the signs of a bearish downtrend, as indicated by the MACD and the Bollinger bands. The 1-day chart, as indicated by the RSI, seems to be held at the center while the RVGI seems to present a bullish crossover.
The post EOS Technical Analysis: Long-term trend shows consolidation as the bear rules short-term appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: EOS Technical Analysis: Long-term trend shows consolidation as the bear rules short-term
