Everyone who has been following up with the progress of EOS knows that the cryptocurrency has had a rough few months. Apart from the significant fall in price from its all time high, the platform has been getting a lot of shades from critics about the slow pace of development. The EOS community has tried to stay strong during this period and it seems like the storm may be over. This morning, EOS formed a double bottom pattern that marked the possibility of an end to the extended downtrend. To signal the beginning of an ascending trend line, EOS also formed higher lows on the 4-hour chart.
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EOS Price Analysis From The Technical Charts
Even if the regular 4-hour chart of EOS shows that the bears are losing control of the market, there is still some selling pressure on the technical charts. There are a few positive hints with a double bottom and a rising channel which contradict the technical indicators. The 200 simple moving average has been crossed by the 100 simple moving average. This shows that downside holds the path with list resistance. The good news is that the price is was above this particular inflection point to show that the bulls are getting ready to penetrate the market.
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EOS Price Today – EOS / USD
EOS also cleared the mid-channel signaling that the bulls are getting ready to put pressure on the market. On the other hand, the stochastic oscillator is moving downwards just like the relative strength index. The price is EOS might also trade south and test another support.
Why Is EOS Bullish?
While EOS is showing strong bullish signals, it’s not the only cryptocurrency that is enjoying a price boost, due to positive developments in the industry, almost every major cryptocurrency is showing positive bullish signals. Because the market is unpredictable, No one knows how long the bullish signals will last or if they will even lead to significant growth.