Technical

EOS Price Watch: Breakout to Happen Soon!

Sarah Jenn | October 23, 2018 | 5:30 am
technical analysis EOS
Technical

EOS Price Watch: Breakout to Happen Soon!

Sarah Jenn | October 23, 2018 | 5:30 am

EOS Price Key Highlights

  • EOS has moved to the very end of its triangle pattern, which means that a breakout is bound to happen.
  • Technical indicators are giving mixed signals on the direction of a breakout.
  • Whichever way price decides to go, EOS might be in for a trend that’s roughly the same height as the triangle formation.

EOS could be prime for a triangle breakout soon as it approaches the end of its consolidation chart pattern.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA, hinting that the path of least resistance is to the downside or that support is more likely to break. A candle closing below the 5.300 mark could be enough to confirm that a downtrend is underway. The moving averages line up with the triangle top to add to its strength as a ceiling, too.

Stochastic has already reached oversold territory, though, indicating that sellers are tired and that buyers might take over. In that case, a candle closing past the 5.500 level could be enough to signal that a rally of the same height is due. The triangle spans 4.000 to around 6.800. RSI is moving sideways to reflect consolidation, barely giving any strong directional clues at the moment.

EOSUSD Chart from TradingView

EOSUSD Chart from TradingView

News that the EOS Subreddit has been backed up on its own blockchain is giving some spotlight to the altcoin for its use in integrating to online content. This means that there is a decentralized discussion board integrated with the rest of the community’s discussions by implementing cross-posting and backups.

Once the process is complete, users can visit eos-forum.org to retrieve the copied posts from the blockchain, even if Reddit itself is down or their content has been deleted. Users on eos-forum.org can also post to Reddit anonymously, with their comments simply attributed to /u/eosbot.

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