Will EOS Price Take Off Again Amidst Month Long Bearish Trend?

EOS has confronted a major downfall and has touched its support level. The coin price has been moving in a down-trending pattern for a long period, however, the price is rejected at the trend line forming swing lows that can be a signal of rejection for the further downfall of the EOS coin. The traders can purchase the coin currently at a discounted rate which can be a gainful opportunity in the future.

EOS price has plunged drastically from May, 21 and hasn’t yet recovered. On September 06, though the coin price began to rise and reached $6.42, still couldn’t ascend further and formed a new peak at that point. The price breaches the downtrend line in November, still couldn’t break the previous high of $6.42, and reached $5.39.

The price of EOS is currently trailing at its low of $3.48 subsequently dropping down from its high of $6.00. There is a formation of bullish engulfing pattern which may raise the price and may lead the coin to its high. The price has failed to move downwards after getting tested at the support line which can be grabbed as an opportunity for bullish investors. The coin had an immense buying volume on December 08 with a price movement of 24%.

On the daily chart, the MACD indicator is currently at the sell zone but it may soon give a bullish signal once the MACD line crosses the signal line. The RSI indicator being at 40 is currently neutral, creating indecision regarding the price undertaking. Once the price crosses the up-trending line and closes above it, a bullish momentum can be expected.

In the weekly chart, no judgment can be made as the price is revolving at the support line and getting tested there. The investors should wait for the upcoming price move as the technical parameters are giving a neutral signal and the price flow will depend on whether the price crosses above or below the support line.