The technical chart of EOS/USD indicated extending this short-term downtrend when the price breached crucial support of $2.4. However, failing to provide a proper follow, the price resonated near this level giving birth to a symmetrical triangle pattern.
EOS/USD Daily Time Frame Chart
Source- EOS/USD chart by Tradingview
Past Performance or Trend-
After rejection from the $5.46 resistance, the EOS coin initiated this new short-term downtrend, which plunged the price to $3.6 support. The coin was trying to sustain above this level, but the intense selling pressure on December 4th breached this and even the lower support level of $3.25.
RSI Bullish Divergence Hints Upside Breakout Of The Triangle Pattern.
The EOS coin price provided a daily candle closing below the crucial support of $3.25, but the coin struggled to sustain below this level, displaying a wavering movement around this level.
However, the technical chart shows a symmetrical triangle pattern in the 4-hr time frame chart, which could better indicate the upcoming price movement once the price breaks out from either of the trendlines. Furthermore, the RSI line displays a bullish divergence in its chart, supporting a bullish breakout from the price pattern.
EOS/USD 4-hour Time Frame Chart
Source- EOS/USD chart by Tradingview
Technical Indicators-
-The EOS coin maintains a bearish alignment among the crucial EMAs(20, 50, 100, and 200). Moreover, the 20 EMA line provides strong dynamic resistance to the price.
-As mentioned above, the daily Relative Strength Index(42) shows a strong recovery in its chart, indicating its line will soon reach the neutral line(50).
-According to traditional pivot levels of the 4-hr chart, the coin traders can expect the nearest resistance for the EOS price at $3.8, followed by $4.4. As for the opposite end, the support levels are $3.3 and $2.8.
The post EOS Price Analysis: This Symmetrical Triangle Pattern Should Decide The Upcoming Move In EOS Coin appeared first on CoinGape.
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