EOS With a Healthy Consolidation Continues to be Strong

September 20, 2019 By: Lorenzo Stroe

 

We know some consolidation and pullback was overdue for EOS as the cryptocurrency started its bull move earlier than most of the other altcoins. EOS has experienced a really nice bull run of around 35% gains in only two weeks. The uptrend has been really strong with a lot of volume and healthy pullbacks along the way, in fact, the RSI has cooled off to around 55 points.

EOS traded as high as $4.24 and the bears were able to bring the price down to $ 3.82 before the 12-day EMA started to act as support, the price is currently at $3.92, just above the 12-day EMA.

The 4-hour uptrend was lost but the bulls are looking to set another one as they are currently trying to hold a higher low compared to $3.82 and break above the resistance of $4.0067 to confirm it. The EMA’s crossed bearish and the price is below both of them, however, the RSI is getting closer to the oversold area.

The weekly chart at this point looks like a bull flag for EOS, the bulls are now looking to at least set a higher low compared to $3.06, however, if they keep their momentum, they could easily just break above the resistance in one move, something that seemed quite hard not long ago.

 

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