EOS Price breaks out to the north or south is inevitable.
EOS/USD Price Long-term Trend: Ranging
Resistance levels: $6.3, $6.9, $7.5 Support levels: $4.7, $4.1, $3.4EOS/USD price is consolidating in its long-term outlook. Exactly as it was predicted last week that in case the bulls increase their pressure EOS price will increase and break the resistance level of $6.3. On October 15, the EOS/USD price was increased and broke the predicted EOS price level of $6.3 by the pressure from the bulls with the formation of strong bullish candles. The bears resisted the continuation of increased price and pushed the EOS price to the previous low level, then it enters consolidation mode again.
Before EOS can return to its uptrend movement, the bulls will have to increase their momentum, push the EOS price above the resistance level of $6.3 and sustain it. Should the bears increase their pressure, the coin may be pushed down and break the support level of $4.7. EOS price is between the 10-day EMA and the 50-day EMA, which indicates consolidation is ongoing.
Moreover, the Stochastic Oscillator Period 14 on the daily chart is above level 25 (oversold region), with its signal lines pointing towards north, which means there could be a bullish movement this week towards the resistance level of $6.3.
EOS/USD Price Medium-term Trend: Ranging
The EOS price is ranging on the 1-Hour chart. Last week, the Bears return the cryptocurrency to its previous state of consolidation, after the bulls increased their momentum and pushed the EOS price to the north, broke up the resistance level of $6.3 but could not reach the resistance level of $6.9 before it was pushed down.
The coin is on the 10-day EMA and 50-day EMA which are interlocked to each other, indicating consolidation is ongoing. In case the bulls increase their momentum, EOS price will increase towards the resistance level of $6.3. Nevertheless, the Stochastic Oscillator period 14 is above 50 levels with its signal lines pointing downward, which connotes bearish movement in case the bears increase their pressure.
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.