EOS Technical Analysis: Bears and bulls grapple it out to claim high ground

EOS, the world’s 5th largest cryptocurrency, has been on a bearish drift since mid-2018. Over the last week, its value has seen simultaneous ups and downs, with the bull trying to escape the bear’s grasp. The price is now showing a short-term upward movement.

At press time, the cryptocurrency was trading at $5.41 after sliding by 0.10% over the last 24 hours. It registered a market cap of $4.90 billion, with a 24-hour trade volume of $407.65 million.

1-hour

Source: Trading View

Source: Trading View

On the 1-hour graph, a strong downtrend is seen from $5.923 to $5.304 between October 11 and October 15. From October 15 to October 18, another downward drift was witnessed, with the price plunging from $6.000 to $5.603.

An upward trend from $5.088 to $5.279 can be observed from October 12 to October 14. Post October 15, a short upward trend can be seen from $5.172 to $5.559.

The Chaikin Money Flow chart currently stands at -0.089, after nose-diving from a significant bullish position in mid-October.

The chart indicates that money is flowing out of the market, predicting a largely bearish trend. Inference can be drawn from the chart that a short-term bullish climb could also be imminent as the value is now slowly climbing towards the zero line.

In the MACD chart, the moving average line is slowly descending downhill, crossing the signal line. This is an indicator that the market could be bearish.

The Parabolic SAR shows an imminent bullish trend after recovering from a small-scale bear attack as the dots are aligned below the candlesticks.

1-day

Source: Trading View

Source: Trading View

The one-day graph shows a very strong downward trendline from $14.680 to $5.569 between June 8 and October 18.

A strong upward trend can be drawn from $4.949 to $6.470 between August 27 and September 3. Furthermore, between September 18 and October 12, an upward trend can be seen from $4.843, the support, to $5.111.

According to the Awesome Oscillator chart, the bars have been altering between red and green in a short span of time and is currently green. This could point at a temporary bull run.

The Fisher Transform graph shows the upward movement of the Fisher line, which is seen to cross the trigger line. This could point at a bullish market.

The RSI has recovered from a slightly oversold position and is currently stagnant. As observed, the buyers and sellers seem to have tired themselves out, with the indicator resting at the center.

Conclusion

According to the Chaikin Money Flowchart, MACD and RSI, a bearish market can be predicted for short term.

If the bearish ecosystem prevails, the immediate support will be at $4.843. If the support line is broken, the next support will be at $4.509.

The Parabolic SAR, Awesome Oscillator and Fisher transform point a bullish market in the medium to long-term.

If a bullish market ensues, the immediate resistance line will be at $6.193. If the resistance is broken, the next resistance will be at $6.729.

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