EOS Price Analysis: EOS Escapes Above the 20-day EMA; What next?
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1 EOS shows a bullish marubozu candle, gaining by 10% intraday.
2 Bulls demonstrated their strength and regained their momentum.
EOS token price rebounded from its demand zone of $0.600 and is escaping above the 20-day EMA near $0.750. In the support range, a double-bottom pattern was noted, and the pattern neckline was broken in the last session, and buyers gained traction above it.
Moreover, the price movement indicates a strong momentum in the token’s trajectory, as it approaches a key level of $0.800, coinciding with the placement of the 50-day EMA mark. However, the sellers were trapped and were covering their positions, resulting in massive bullishness.
The price action shows that the token was in a downtrend, showed a pullback near the substantial support range, and defended the zone near $0.600.
However, the token stayed in a congestion zone, but above the mark of $0.8000, bulls will gain momentum. Similarly, on the downside, a further fall can be anticipated below the mark of $0.550.
At the time of writing, the EOS token price is trading at $0.7559 with an intraday gain of 9.96% showing massive bullishness on the charts. Moreover, the intraday trading volume noted an increase of 27.20% at $263.85 million. Furthermore, the pair of EOS/BTC is at 0.0000243 BTC, and the market cap is $743.70 million.
Daily Charts Shows EOS trying to escape trendling
Source: TradingView
On the daily charts, EOS token price forms a bullish marubozu candle and is near the trendline, which marks a make-or-break moment for the token. If it faces resistance, then selling will rise again and retest the support range near the 20-day EMA.
Alternatively, in the event that follow-on buying surpasses the trendline above $0.8000, a substantial upward momentum may ensue, propelling the token towards the next significant obstacle at the 100-day EMA level around $0.880.
Short-term Charts Show Bullish Movement
Source: TradingView
On the 4-hour charts, EOS token showed a massive bullish movement, increasing the gains above the crucial hurdle of $0.7000 and stabilizing above the 20-day EMA. Furthermore, the technical parameters suggest that further buying will be seen in the upcoming sessions.
The Relative strength index (RSI) curve showed a sharp rise, and near 70, it showed a positive divergence which indicates a positive outlook.
The MACD indicator showed a bullish crossover and persisted in forming green bars on the histogram.
Conclusion:
The EOS token price exhibited a bullish chart pattern, maintaining its upward momentum and securing gains above the 20-day EMA mark. This resilience signifies growing strength and a willingness to revisit previous highs in the vicinity of $0.800 during the upcoming trading sessions.
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