EOS technical analysis: LTC/USD extends consolidation – Bollinger Bands
- Overwhelming bear pressure saw the sellers' grip intensify from June 1 highs.
- The prevailing consolidation will soon culminate in a breakout.
EOS pulled a formidable move from April this year. For the first time in 2019, the price thrust through $8.00 hurdle. Moreover, the digital asset extended the gains above $8.5 before hitting a snag at $8.65 on June 1.
Overwhelming bear pressure saw the sellers' grip intensify. EOS struggled to secure key support areas but the pressure pressed down even more. Tentative moving average support areas failed to hold. This opened the door for correction to July low at $3.30.
A shallow recovery has saw EOS rise above $4.5, however, there were no significant movements to higher levels. On the downside, declined are protected by the Bollinger Band 1-hour lower curved. The prevailing consolidation will soon culminate in a breakout.
The Moving Average Convergence Divergence (MACD) gradually slopes upward signaling the buyers to increase their positions. At the same time, the level trend by the Relative Strength Index indicates that sideways is likely to prevail in the coming sessions.
EOS/USD 1-hour chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
