Home Crypto News EOS price drops after bulls hit a new local high of $2.97

EOS price drops after bulls hit a new local high of $2.97

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The 14th largest cryptocurrency by market cap EOS rallied to highs of $2.97 however has dropped to lows of $2.57

EOS is buying and selling simply above a long run resistance line after bulls failed to carry positive factors achieved by way of a 20% breakout on Wednesday.

EOS price hit the earlier local high of $3.95 in mid-August. However, the motion has been capped alongside a descending resistance line.

As of writing, EOS/USD is altering arms round $2.60, down from the highs of $2.97 reached on October 6. At the time, the 14th ranked coin surged from lows of $2.48, with bulls showing to have the momentum to take them above $3.00.

But the break above a descending resistance line that has been in place for over 5 months didn’t maintain for lengthy both. Despite the 20% breakout, sellers pushed onerous to have EOS/USD finish the buying and selling day with a day by day candlestick that solely featured an prolonged higher wick.

The previous two buying and selling periods have seen EOS print a collection of decrease highs and decrease lows to maneuver nearer to $2.50. This space is essential to bulls’ plans as it’s the subsequent main barrier to a downward pattern in the direction of the $2.45 zone that has resisted a number of bear assaults since April.

EOS/USD technical perspective

The technical outlook for EOS is suggesting a bullish state of affairs stays when charted on the day by day time frame. The day by day chart options an upside trying Stochastic Oscillator with a bullish cross, whereas the MACD can also be forming a bullish divergence just below the midline.

If patrons push above $2.70, its possible EOS price might rally to retest $2.90. Managing to show this resistance zone into assist is simply what bulls might have to aim to breach the $3.50 line.

EOS price day by day chart. Source: TradingView

While EOS/USD is about 1.5% within the inexperienced on the day, it’s exhibiting some weak point on the hourly time frames. Price is beneath each the 10-day and 50-day easy shifting averages on the 1-hour chart, whereas the RSI, as seen within the hourly and day by day time frames, stays throughout the impartial zone.

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