Conclusion for today’s EOS technical analysis:
Lack of a close below the 3.31 price level implies a weakening of bearish strength and therefore bullish upside potential in EOSIO (EOSUSD).
EOS price chart presented today is a 4 hour time frame with market action from June 1, 2019 till date. A dominant downtrend can be observed using the 200 Moving average, as well as the bearish trendline drawn over price peaks on June 1 and June 26, 2019.
The bearish trend did reach support level at ~3.31 on July 16, 2019 with lack of added selling pressure causing price to bounce to the July 27, 2019 price peak of 4.77.
Another successful test of the same support level did occur on August 15, 2019 providing a confirmation and therefore implying a limited downside potential in EOSIO (EOSUSD).
On the other hand, current resistance at ~4.05 is provided by the 200 moving average and the bearish trendline which could present a challenge to any bullish swing in EOS’ price.
Less conservative strategies for establishing a long position include buying as soon as price breaks above the 200 moving average (MA), and the bearish trendline. Even more conservative is buying only when price closes above 4.506 (ensures a close above a ranging environment for price), the trendline and 200 MA.
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Our previous Bitcoin technical analysis before the current price rally was also posted for FREE and can be found here.