CryptoBriefingTA

EOS Price Analysis EOS / USD: Ascending The Summit

EOS is holding onto its recent trading gains on the first trading day of October, with the seventh-largest cryptocurrency holding firm above the $3.00 level. The EOS / USD pair needs to rally above the $3.30 level to recover trading losses incurred during the month of September.

Following a bullish breakout from a triangle pattern on the four-hour time frame, the EOS / USD pair has managed to perform a double-digit rally. The overall upside projection of the bullish breakout suggests that recent rally could extend towards the $3.30 level.

Going forward, the cryptocurrency faces a series of technical challenges to reclaim its short and medium-term bullish status. The EOS / USD pair’s 200-period moving average is located around the $3.60 level, while its 200-day moving average is located around the $4.80 level.

Furthermore, the EOS / USD pair needs to move negate a huge head and shoulders pattern on the daily time frame, which is threatening a possible decline to the $1.54 level.

The cryptocurrency would need to rally above the $8.80 level just to invalidate the bearish pattern, which means that EOS would need to gain over one-hundred and fifty percent to achieve this goal from current trading levels.

Technical indicators suggest that EOS / USD still has scope to recover higher, although the $3.30 to $3.60 technical region presents a formidable technical challenge to bulls in the short-term.

Overall, unless a significant fundamental catalyst emerges for the EOS / USD, the cryptocurrency’s destiny is likely to be closely correlated to the direction of the broader cryptocurrency market.

According to the latest sentiment data from TheTIE.io, the short-term sentiment towards EOS is neutral, at 54.00 %, while the overall long-term sentiment towards the cryptocurrency is neutral, at 67.50%.


EOS / USD H4 Chart by TradingView

Upside Potential
The four-hour time frame highlights that the recent triangle breakout could extend towards the $3.30 level, which is the September 1st opening price. The 200-period moving average on the four-hour time frame is also a possible upside target and is located around the $3.60 level.

The daily time frame shows that the EOS / USD pair’s 50-day moving average is located around the $3.48 level, while the 200-day moving average is located somewhat higher, at the $4.80 level.

Downside Potential
The downside is likely to open up for the EOS / USD pair if price starts to trade below the $2.90 support level. A bearish triangle breakout will occur if the EOS / USD pair falls below the $2.70 level.

The September 2019 trading low, around the $2.45 level, is the key downside level to watch, while the $1.54 level remains the overall medium-term bearish target.

Summary
EOS is staging a powerful recovery above the $3.00 level, with bulls needing to move price above the $3.60 level to reclaim the cryptocurrency’s short-term bullish status.

The daily time frame suggests that failure to overcome the $3.60 level could provoke a strong bearish reversal, with the $1.54 level the overall bearish objective.

Penafian

Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.