EOS Price Analysis – May 28
For the past two weeks, the EOS market has been trading within a wedge after following a bullish reversal pattern. The market has been strongly bullish in the last 24-hours of trading due to huge demand. Currently, EOS is undergoing a slight consolidation as the next move might turn bearish.
Resistance levels: $8.5, $9
Support levels: $7, $6.3
EOS has quite been surging for the past 48-hours of trading against Dollar as the market climbed to the upper wedge, where the price was rejected. A sell-off was attempted before the pressure was supported by the 10-day MA (white).
If the bear crosses the white band, the next selling pressure could locate support around the $7, where the yellow 21-day MA lies. A further drop may hit $6.3 support. Meanwhile, a bullish breakout may set the market on the next bull-run, targeting the $8.5 and $9 resistance levels.
As of now, it appeared that the EOS/USD pair is respecting the wedge pattern. On the 4-hours RSI, however, the price is overbought due to the recent green market which may soon drop as signaled on the RSI indicator.
For the past three weeks now, EOS has followed a bullish move as the price remains steady around the 0.0009BTC level – showing a sign of consolidation in the past few hours of trading. The positive move is revealed on the 4-hours RSI after the significant cross to the overbought area.
While consolidating, the market may fall to the 0.00085BTC and 0.0008BTC supports if the supply popped heavily. Otherwise, the buyers may take the price above the wedge, striking the near-by resistance at 0.00096BTC and above.
At the moment, the 10-day MA and the 50-day MA are still acting as trailing support for the market. Still, the EOS/BTC pair is following an upward move for now.
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