EOS: Reaches the point of high resistance

EOS consolidates after a good rally earlier this week.
Reaches stiff resistance that is hard to cross.

Manoj B Rawal Independent Analyst

EOS, the coin that once surprised everyone last year with a rally that defied the gravity at a time when all the other coins were hit hard by the bear market, has now reached a point of stiff resistance from where it would be difficult for the bulls to continue charging up.

EOS/USD is up nearly 3 percent on day at $5.335, not far from day's low but not too away from the day's high either. On the daily chart, earlier this week, the price of this coin retraced exactly from two key trendline resistances. One drawn from Sept-Oct 2018 highs and another drawn from recent rally's higher highs.

As long as prices remain under these two key trendlines, bears can anyday attack the prices lower and take it towards sub $5 levels, towads $4.5. However, if it does manage to cross and sustain past these two obstacles, then next halt is nowhere lesser than at least 50 percent rally past current levels.

EOS/USD daily 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.

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