EOS price analysis: This triangle breakout is nearing
- EOS forms a triangle on the medium term chart.
- Breakout point isn't far.
EOS, the crypto that came back to where it was after rallying more than seven times from the price in the month of April, has formed a triangle that can result into a breakout and may result into prices reaching as high as $8, in case of a bullish breakout.
EOS/USD is up nearly 2 percent on day at $5.556 and in a less than 2 percent range for the day so far. On the 480-minute chart the formation of a triangle is a bullish sign the bulls may cling on to. $5.70-5.75 is the level which the bulls need to focus on - upper end of the triangle.
If broken out, the confirmation would still be pending unless it crosses the $6.00 mark. On the downside $5.25-5.20 is where the bears will focus, break of which will result in bulls hiding in the caves.
EOS/USD 480-minute chart:
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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.
