EOS continues to trade in a sideways channel between the price range of $1.44 and $0.87 after a constant downfall from its higher highs. The EOS crypto has been trading below the trend line for the last few days. EOS has a current value of $1.09 and has turned upwards from the immediate support level of $0.87.
The investors should put buying pressure on the price of EOS to ascend and suppress the downtrend line. If the price continues to rise and moves ahead of the immediate resistance of $1.44, a robust upside momentum can be seen in the long run. On July 13, a bullish engulfing pattern was formed, after which the price rose significantly.
The EOS volume bar is moving below average, and additional buyers will be required for a bullish market. During mid-June, the price was trading in the oversold zone; however, a 54 value of the RSI indicates neutral price action. It is assumed that if the price moves in the upwards direction, RSI may head towards the overbought zone.
The MACD line has been ahead of the signal line for the past few days; however, the histogram chart shows diminishing green candles. There should be support from the buyers in order to push the price in an upside trend in the long run.
On the weekly chart also, there has been a decent rise as the EOS price closed above the highs of the last 5 weeks’ candles. The MACD indicator indicates a bullish signal as the previous week’s candle shows a major hike in the price while turning from the lower lows. The long-term investors can wait for the price of EOS to move above the top horizontal line of $1.44 for any confirmation of an up-trending market.