A look at the Weekly chart for EOS shows that price is trading inside the minor resistance area at $3.
The price is trading below the 21,50 period MA and the Ichimoku Cloud.
After the breakdown at $5, price bottomed near $2 and quickly launched an upward move.
The RSI is at 41, indicating neither overbought nor oversold conditions.
However, the MACD has made a bullish cross and is moving upward, but is not positive yet.
A look at the 3-day chart shows that price has moved above the 21-period MA but below the 50 and the Ichimoku Cloud.
Similar to the Weekly chart, the MACD is moving upward with strength but is not positive yet.
Judging by the strength of the RSI, there is a lot more power in this move than in the double top which occurred in January.
A look at the Daily chart gives a bullish outlook.
Price has moved past the positive Ichimoku cloud and the 21-50 period moving averages have made a bullish cross.
Furthermore, the MACD has rejected a bearish cross and is moving upward.
We also have the ascending support line (green) which has been validated four times.
However, there is some bearish divergence developing in the RSI, but not very significant.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows an even more pronounced bearish divergence in both the RSI and the MACD.
However, the latter has made a bullish cross.
Price is possibly moving in an ascending triangle and has been doing so since December 24th.
Price is testing the upper trendline of the ascending triangle and looks like it is about to attempt a breakout.
I believe that price will breakout through the resistance on this try, but during next week it will fall back to the support line near $3.
- The price is inside the minor resistance area at $3.
- The price is moving in an ascending triangle.
- There is a short-term bearish divergence.
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