EOS Is in a Sideways Trend as It Contemplates Next Move

EOS Key Highlights as It Contemplates Next Move

  • EOS fluctuates between $4.80 and $5.80 as it contemplates next move
  • EOS/USD is likely to achieve a breakout
  • EOS price has fallen into the oversold region as buyers are being expected

EOS Current Statistics

The current price: $4.77
Market Capitalization:$4,946,641,764
Trading Volume: $1,482,436,195
Major supply zones: $4.4, $4.6, $4.8
Major demand zones: $3.6, $3.4, $3.2

EOS Price Long-Term Prediction:Bullish

Today, EOS/USD is trading at $4.89 above the lower price range as it contemplates next move. Following the attainment of its peak price at $5.94, the uptrend was terminated as the market resumes a sideways trend. Buyers could not sustain the bullish momentum above the $6 resistance zone. Consequently, the EOS price dropped sharply to $4.80 support and resumed a sideways move between $4.80 and $5.80.

Since August 16, the crypto has been fluctuating within the current price range. Today, EOS is retesting the lower price range to break below it. The candlesticks are showing long protruding tails indicating that there is strong buying pressure above the current support at $4.80. The sideways move will continue as long as the range-bound levels remain unbroken.

EOS Is in a Sideways Trend as It Contemplates Next Move

EOS/USD – Daily Chart

EOS Indicator Analysis

EOS is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The crypto is below the 20% range of the daily stochastic. It implies that the coin has reached the oversold region of the market. The selling pressure is likely to be exhausted as buyers emerge in the oversold region.

What Is the Direction for EOS as It Contemplates Next Move?

EOS is likely to resume an upward move if the $4.80 support holds as it contemplates next move. Meanwhile, on the August 24 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that EOS will fall but reverse at level 1.272 Fibonacci extension or level $4.66. From the price action, the altcoin retested level 1.272 Fibonacci extension with a long protruding tail. EOS has reversed and resumed upward move.

EOS/ USD – 4 Hour Chart

Also ReadWhat Are the Benefits of EOS Trading?

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