Technical Analysis for EOSUSD for 9th February 2023
EOS Accumulates after a 35% Spike, Resistance at Nov Highs
Past Performance of EOS
EOS Technical Analysis
EOS is increasing, per the current formation, consolidating in recent days. Until there is a decisive breakout with above-average volumes, traders may stay on the sidelines. Currently, EOS has support at $1, with the middle BB influencing price action. The January 30 bear bar is conspicuous and wide-ranging, defining the current range. Bulls are in charge in the short term unless there are losses below $1 that may see a sell-off towards $0.92. Bulls must clear $1.2 and November highs to invalidate the bearish formation and allow EOS to expand above the neckline of the W-formation. This will be a major signal for long-term traders targeting H2 2022 highs at around $1.90.
What to Expect from EOS
After a march from mid-December, the upside momentum could be fading. A close above this week's highs could rejuvenate buyers expecting another leg up to $1.90 as EOS bottoms up.
Resistance level to watch: $1.2
Support level to watch: $1
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