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Technical Analysis for EOSUSD for 9th February 2023

EOS Accumulates after a 35% Spike, Resistance at Nov Highs

Past Performance of EOS

After rising roughly 35% from December lows, EOS prices remain in a consolidation. The uptrend remains, but whether this will continue depends on the breakout direction. Technically, bulls must shake off any attempt to press the coin lower. Any surge above $1.1 may see the coin rally to November highs.

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

Disclaimer: Opinions expressed are not investment advice. Do your research.

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