EOS price analysis: EOS/USD keeps trending horizontally in a $0.13 range
|- The SMA 20 curve acts as immediate market resistance.
- The MACD indicator shows decreasing bullish momentum.
After dropping below the $0.30 level on 15th October, EOS/USD has been trending horizontally in a narrow range between $2.87 and $3. The price is trending in a flag formation and is struggling to break past the resistance provided by the downward trending line and the 20-day Simple Moving Average (SMA 20) curve. The hourly breakdown shows us that the price spiked from $2.93 to $3.03 in just one hour, where it found resistance and eventually fell to $2.88.
EOS/USD daily chart
The 20-day Bollinger Band has constricted and its width is trending around 0.16, which indicates decreasing market volatility. The price is floating below the SMA 20, SMA 50 and SMA 200 curves. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum. The Elliott Oscillator shows four straight bullish sessions, while the Relative Strength Index (RSI) indicator is trending around 40.50.
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