EOS price will sink to the lows of $4.6 if the bears break down the support level of $5.2, also a bullish breakout will ensure that the resistance level at $6.0 is broken before EOS price will rally to the resistance level of $6.5.
A bullish breakout will ensure that the resistance level at $6.0 is broken then the EOS price will rally to the level of $6.5 which is the upper resistance level of price.
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.
The price is seen along a horizontal path on the 10-day EMA and the 50-day EMA, confirming the consolidation. Traders should trade cautiously within the range adopting best range strategy to take a small profit.
The price has formed an “ascending triangle” pattern on the daily and 4-hour chart which suggests the probability for the price increase toward a resistance level of $6.8.
The price has formed a “pennant” pattern on the daily chart which suggests the probability for the price to fall toward support level of $4.1.