Wine Trader’s EOS price prediction shows that the cryptocurrency will soon test the $ 2.88 resistance. The cryptocurrency traded above $ 2.5 on November 11th.
1-day EOS price analysis
EOS is trading above the chart on November 11th with relatively small price fluctuations. The price traded in the $ 2.5-2.54 range, with a daily high of $ 2.541 and a low of $ 2.458. However, just before the close of trading, the price of the cryptocurrency fell abruptly to the $ 2,460 level.
At the time of writing, the price of the altcoin on Coinbase was $ 2.492 and the cryptocurrency held the $ 2.48 level as a support.
What’s next for EOS?
We can see that a triangle pattern is being formed on the 1 hour timeframe for the EOSUSD pair. Cryptanalyst DLavrov believes the cryptocurrency will be long next.
EOS Price Prediction Chart by DLavrov
The entry level for this position is $ 2.525 and the price was expected to break the triangle on the upside. The 200-day moving average varies below the triangle pattern as support, while the lower portion of the trading range is at $ 2.40. The price target was $ 2.615, and the cryptocurrency entered that triangle on November 7th.
The Moving Average Convergence Divergence (MACD) line had moved above the signal line and the gram size of the histogram appeared to be increasing in positive territory. These are bullish indicators for the trading pair. On November 12th, the price saw a slight decline and fell below the stop loss of $ 2.491.
According to the graph above, the Relative Strength Index (RSI) has moved above the midline but is still closing in the neutral territory. The RSI also appears to be on the uptrend.
EOS price prediction: what to expect?
Trading View analyst Wine Trader believes the cryptocurrency is forming a Bat XABCD pattern and a bullish wedge on the charts. If we look at the graph below, we can see that these multiple patterns are forming in the 4 hour timeframe for the EOSUSD trading pair.
The cryptocurrency moved below these resistance zones on September 7th and has been trading below them ever since. The price has moved in a descending triangle and will break out soon according to the technical indicators. A green level of support is highlighted below the point where EOS trades and price is expected to jump up and into a bullish wedge pattern. Once the cryptocurrency moves towards the resistance zone, the XABCD bat pattern is complete. The price target for this trade was over $ 2.88.
EOS technical display movement
In the graph above, we can see that for most of November 11th, the Bollinger Bands showed a decline in expansion and a decline in price volatility until the price hit the end of the day and fell towards $ 2.46. At this point we can see an increase in expansion and thus price volatility. The cryptocurrency rallied above the $ 2.49 level and the RSI moved above the midline.
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