Technical Analysis for EOSUSD for 19th October 2021
EOS Prices Steadying, will Resilient EOS/USDT Float above $4?
Past Performance of EOS
The EOS/USDT price is steady in the daily chart as per the CryptoAltum market feeds.
When going to press, the coin is stable and at breakeven versus BTC and ETH as price action is inside a wedge.
The primary support remains at around $3.5 while the resistance trend line caps optimistic buyers in the immediate term.
What to Expect of EOS
Although the EOS/USDT is overall bullish, bears are in control in the immediate term.
This is as long as EOS prices are trending inside the descending wedge below $5—and October 2021 highs.
As we advance, the EOS price trajectory shall be determined by the reaction at these critical levels. If buyers emerge on top, the coin may float back to H2 2021 highs of around $6.5.
Conversely, losses below $4 may spark a dump back to H2 2021 lows at $3.5.
EOS Technical Analysis
The uptrend is valid as aforementioned.
However, there is uncertainty among traders given the candlestick arrangement in the daily chart.
As EOS/USDT consolidates within a tight trade range, buyers have a chance above the wedge and, ideally, $5.
Accordingly, risk-averse traders may stay on the sidelines until there is a trend definition above the wedge or $4—the immediate support level.
Resistance level to watch: $5
Support level to watch: $4
Disclaimer: Opinions expressed are not investment advice. Do your research.