EOS Coin Price gives a fakeout from the $4.3 support

  • EOS coin give a bearish crossover of the 20-and-50-day EMA
  • The EOS/BTC pair was trading at 0.00007235 BTC with a loss of 0.3%
  • The 24 hr trading volume in EOS coins is $757.6 Million

Source- EOS/USD chart by Tradingview

The EOS coin revealed a short opportunity for crypto traders for a double top pattern in the daily time frame chart. The pattern had its neckline at the $4.36 mark, and on October 27th, the price gave a decisive breakdown from this support level, triggering an entry opportunity for these traders. 

However, the price couldn’t sustain below the neckline, and with the next candle the price jumped above this level, indicating a fakeout. 

Regarding the EMAs: The EOS coin’s price is trading below the crucial EMA’s of 20, 50, 100, and 200, indicating a bearish trend. Moreover, the 20 and 50 EMA gives a bearish crossover, attracting even more sellers in the coin market.

The RSI (BULLISH) value is at 47, indicating a bearish sentiment about this coin.

EOS Coin Chart In the 4hr Time Frame chart

Source- EOS/USD chart by Tradingview. 

After The fakeout, the EOS price still needs to sustain above the $4.36 mark. If it does, the price could climb back to the $5 mark. The current price of the EOS coin is $4.43, with an intraday loss of 1.56%.

As per the traditional pivot levels, the nearest resistance for EOS price is $4.78, followed by 5. And for the opposite side, the nearest support of $4.3, followed by $4.

The moving average convergence/divergence(MACD) indicators show both the MACD and signal line are moving below the neutral zone(0.00), indicating a bearish momentum in this coin. 

Conclusion: From the technical perspective, the short-term trend of the EOS coin is still bearish. However, the current price action suggests a bearish outlook with its increasing selling pressure. The crypto traders need to be patient until the price gives a proper follow-up candle for the $4.3 breakout.

Support– $4

Resistance– $4.78

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