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EOS/USD Price Prediction — $5 Was Not Broken: Do Bulls Have Power for Revival?

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Mon, 22/04/2019 - 12:14
EOS/USD Price Prediction — $5 Was Not Broken: Do Bulls Have Power for Revival?
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The new week has started off for EOS even worse than the previous one, as its rate dropped by around $0.5 just in a few hours.

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Currently, EOS is the biggest loser among the top 5 coins, having lost more than 3% over the last 24 hours.

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EOS/USD chart by TradingView

On the 1-hour chart, there is a strong resistance zone at $5, which was not broken yesterday. If an important point of the previous week was $5.5, then a crucial area of the current one should be $5.3.

At the moment, it is important to reach and consolidate at $5.3 in order to move to previous levels.

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Taking into consideration technical patterns, the MACD indicator shows the formation of a new bullish wave, which is supposed to push the price up.

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Analyzing the 4-hour chart, a crucial resistance level is $6, while the vital support zone is $5. Currently, the quotes are trading at their local minima since the beginning of the month.

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EOS/USD chart by TradingView

The RSI indicator shows the coin is oversold with an important point of 60. If we apply this pattern to our chart, we can predict that $5.5 is equal to the data of the indicator.

However, that bounce back is only possible with the interest of traders and investors in EOS. Now we do not see such a tendency, as the market capitalization of the 5th most popular coin lost around $200 million over the last few days.

The price of EOS is trading at $5.22 at the time of writing.

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