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.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.