EOS price analysis: Short term struggles long term bullish
- EOS remains stuck in the short term.
- Long term bullish, supported by cup and saucer.
EOS price is in a little difficult phase currently, while it remains upbeat in the long term charts with the help of a cup and saucer pattern, short term remains a beat negative as the price finds itself trapped in a downward sloping channel.
EOS/USD is up more than 2 percent in a Sunday trading when almost all the major cryptos are trading in the green. On the 240-minute chart of EOS, it finds itself stuck in a downward sloping channel of a lower high, lower low which has a resistace placed around $14.70 currenly and as long as price remains within this channel, breakout of the longer term may keep getting elongated.
On the longer term the formation of cup and saucer keeps hopes alive for the bulls to regain control and double the prices after breakout. (Read earlier story here)
EOS/USD 240-minute chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
