EOS TOKEN PRICE ANALYSIS: EOS token price is trading above the demand zone, will it bounce off it or fails to do and fall?

  • The EOS token price is trading above the demand zone, as it broke out of the supply zone previously.
  • The EOS token price has broken out of the inverted head and shoulder pattern.
  • The pair of EOS/USDT by trading is trading at the price level of 0.00075 with a decrease of 0.75% in the past 24 hours.

The EOS token price, as per price action, is bullish on a larger time frame. The EOS token price is currently trading above the demand zone after it broke the important supply zone a couple of weeks ago. The EOS token price broke the supply zone with a strong bullish candlestick pattern. As a result, the token price rose much higher above a breakout without any pullback. Recently, the EOS token price as it reached the long-term supply zone. This fall in the price of EOS tokens has resulted in the token price retesting the previous breakout zone.  The EOS token price is making higher high and higher low formations on a daily time frame. The EOS token price is trading above the 50 and 100 Moving averages. The EOS token price can be seen resting at these MAs. The recent fall in the price of EOS seems to have not affected the token price as it is sustaining above the demand zone in various demand zones. The EOS token price is trading in the middle of the Bollinger band after facing strong rejection from the upper band. The EOS token price has gone past the 14SMA. Volumes have increased as the token price fell.

The EOS token price has broken out of the bullish chart pattern on a daily time frame

Relative Strength Index: RSI curve is trading at the price of 52.39 as the coin bounces off the demand zone. At present, the RSI curve has crossed the 20 SMA. The coin is forming higher low and higher high formation on a 4-hour time frame as the coin shows bullishness in the higher time frame. The EOS coin price can be seen moving if it sustains the recent gains and if it does then the RSI curve can be seen moving even higher up supporting the trend. 

Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the coin gave a breakout of the supply zone. The blue line crossed the orange line on the upside. This has resulted in the coin price moving up strongly in a 4-hour time frame. Recently the EOS coin price fell after the breakout of long-term resistance. As of now, the coin price has started moving up again after bouncing off the demand zone and as a result, the gap between the blue and orange lines can be seen widening supporting the trend.

Average Directional Movement Index: ADX has been continuously rising as the coin price broke an important supply zone and bounced after retesting. As of now, the coin price is trading above this important demand zone. The breakout zone is now acting as a strong demand zone. At present, the coin price is trading in strong momentum, and if the same continues the coin price can be seen moving higher in the upcoming days. ADX curve has dipped out of the 20 mark.

CONCLUSION: EOS coin price is in an uptrend on a larger time frame. While on a smaller time frame the coin is consolidating in a small range. The technical parameters are also seen supporting the trend as they turn bullish. Investors should wait for a confirmation of proper bounce back and then act accordingly.

SUPPORT: $1.23 and $1.30

RESISTANCE: $1.89 and $1.79

Source: https://www.thecoinrepublic.com/2022/08/28/eos-token-price-analysis-eos-token-price-is-trading-above-the-demand-zone-will-it-bounce-off-it-or-fails-to-do-and-fall/