EOS is poised for Bull Run But What’s Preventing a Breakout: Factors & Trends

EOS is slightly recovering as bulls seem to be back in the gameThe short-term correction is keeping EOS on suspense for a major bullish move

Over the past few days, EOS has seen relatively strong growth of about 23% after establishing a mid-year low at around $2.4 on September 25.

Recently, the price of EOS stalled around $3.5, currently the monthly high. The cryptocurrency has increased by 2.37%, now trading at the $3.47 price level. The 7th largest cryptocurrency in the global market is likely to recover above key resistance levels if the market corrects gains.

Looking into the daily chart, EOS has been shaping inside a descending channel since July but the price has recently been up for a while now. Meanwhile, the last six weeks of trading have positioned the asset on an uptrend, which makes the price to test the channel’s resistance at $3.5 earlier this month.

At the time of writing, the EOS/USD pair has gained support at $3.4, followed by $3.2. If the token corrects below this mentioned support, the next low may be located at $2.5. A further drive may cause the market to plunge at the channel’s lower boundary.

However, the cryptocurrency is currently demonstrating bearish movement on the hourly chart. If the price can stay well above $3, the EOS market is expected to bounce back to $3.65. A price surge could move the token out of the channel boundary to $4 and $4.6 resistance levels. All in all, the bulls seem to be stepping back into the market.

EOS is ready for a positive breakout on the daily chart but it appears that the recent price drop is keeping the bulls waiting. If the asset can surpass the $0.365 price levels, the price could demonstrate an extended rally before the end of the year. Inversely, a rejection may lead the market to serious price reductions.

EOS Price

EOS Surged 2.37% (Source: TradingView)

Technical Indicator Reading

Hourly MACD – The hourly MACD for EOS is currently positive but may still turn down at the zero levels before swinging higher.

Hourly RSI – The RSI for EOS is a bit weak to the 50 levels, although rebound is likely on the yellow diagonal support.

Key resistance levels: $3.65, $4, $4.6

Key support levels: $3.2, $2.9, $2.5

Featured image from Unsplash

EOS is poised for Bull Run But What’s Preventing a Breakout: Factors & Trends was last modified: November 18th, 2019 by Ben Gabriel

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