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Cryptoknowmics 2022-09-29 11:02:53

EOS Technical Analysis: Will The EOS Price Resurface Above $1.20?

The EOS Technical Analysis displays a lack of bearish follow-through, teasing a recovery if the buyers break this resistance level. The EOS price action displays a trendline fallout rally, struggling to gain bearish momentum after crossing the $1.20 mark. Furthermore, the price action shows a morning star pattern with lower price rejection teasing a trend reversal if buying pressure increases. So, is EOS resurfacing above the $1.20 mark? Key Points: The EOS price action shows a trend reversal possibility. The bearish gap between the 50 and 100-day EMA increases. The intraday trading volume in EOS is $228 million. Source – TradingView EOS Technical Analysis The EOS price action displays a downtrend cracking the long-coming support trendline prolonging the correction phase below the $1.20 support level. However, the price action demonstrates a bearish failure gain follow through below the $1.20 horizontal level. Also, according to the price action analysis, the morning star pattern with a lower price rejection Doji candle increases the possibility of a bullish breakout. After breaking below the support trend line, influence over the 50 and 100-day EMA increases, resulting in the bearish crossover. Moreover, the bearish gap between the EMAs increases as the price ranges below the $1.20 support level. Additionally, the declining trend in the intraday trading volume during the correction rally projects a growing weakness in the sel...

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