Technical Analysis for EOSUSD for 14th October 2021
EOS Bulls Defiant Despite Weakness, Will $4 Hold?
Past Performance of EOS
The EOS/USDT price remains in a tight trade range as per candlestick arrangements in the daily chart.
As of writing, EOS is up three percent versus the greenback, bouncing higher after days of consolidation.
Even so, EOS prices are overly pinned lower within a descending channel defined by the double-bar bear reversal pattern of October 9 and 10.
What to Expect of EOS
Relative to other assets, EOS prices aren't volatile.
EOS/USDT prices are waving horizontally within a $3 zone with caps at $3.5 and $6.5 but inside a descending channel.
A close above October 20212 highs at $5 may be the foundation for a rally towards $6.5 and later $7.5.
Conversely, further contracts would confirm the weakness of the October 10 bar.
Subsequently, this may force EOS below the middle BB towards $3.5 in a bear trend continuation pattern.
EOS Technical Analysis
EOS candlestick arrangement in the daily chart suggests that prices have a local support at around $4 and the middle BB.
With a series of lower lows in the past few days, losses below this mark may see EOS slide back to $3.5 in a bear trend continuation.
A close above the primary resistance trend line and October 2021 highs, on the other hand, could signal uptrend resumption. In that case, EOS bulls may set sight on $6.5 and later $7.5.
Resistance level to watch: $6.5
Support level to watch: $4
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