(https://3xz7gj47vd1t2zgr1q19hmwl-wpengine.netdna-ssl.com/wp-content/uploads/2018/11/eos_control-768x398.jpg)
On Apr 2, the price of EOS initiated a rapid upward movement. A high of $6 was reached on Apr 3.
After the high, prices began to gradually decrease. that brought prices below $5.
Prices subsequently rose to nearly $5.50 the following day when a reversal ensued. They have since stabalized between $5.30 and $5.40 at the time of writing
(https://3xz7gj47vd1t2zgr1q19hmwl-wpengine.netdna-ssl.com/wp-content/uploads/2019/04/EOS-Outlook-2.png)
Will the current reversal lead to a new uptrend? Will EOS reach $6 again?
Let’s find out.
EOS (EOS): Trends And Highlights For April 5, 2019
- The price of EOS reached a high of $6.09 on Apr 3.
- EOS is trading inside an ascending triangle.
- The SMAs have made a bullish cross.
- There is resistance near $6 and support near $4.7.
Tracing the Current Trading Pattern
The price of EOS on Binance was analyzed at one-hour intervals from Apr 1 to Apr 5 to trace the current trading pattern.
On Apr 2, the price made an hourly low of $4.14. A sharp upward move was followed by a gradual decrease. The price has made several higher lows.
Tracing these lows gives us an ascending support line:
(https://3xz7gj47vd1t2zgr1q19hmwl-wpengine.netdna-ssl.com/wp-content/uploads/2019/04/EOS-Support-1.png)
On Apr 4, the price reached an hourly high of $5.35. A gradual drop ensued followed by an increase. The price reached the same level three times.
Tracing these highs gives us a horizontal resistance line.
The resistance and support lines combine to create an ascending triangle:
(https://3xz7gj47vd1t2zgr1q19hmwl-wpengine.netdna-ssl.com/wp-content/uploads/2019/04/EOS-Triangle.png)
This is a bullish pattern. It suggests forthcoming price increases.
To determine whether price increases are likely, however, requires us to incorporate technical indicators into the analysis.
source: https://beincrypto.com/iota-price-analysis-04-05-2019/