EOS (EOS) – Exhibiting a steady bullish trajectory inside the channel

EOS (EOS) – Exhibiting a steady bullish trajectory inside the channel

Posted on Thursday, September 8 2022 at 9:01 pm GMT+0000

EOS (EOS) stepped decisively on the lower-line of the regression channel pulled from June Bottom overlapping with the 55-day exponential moving average, only to see its bullish efforts evaporate in the vicinity of the channel’s upper-line.

Thus, the battle continues, and the bulls could make more attempts for an upside breakout beyond that ceiling, given the positive charge exhibited by the 20 and 55-day exponential moving averages and the strong bullish momentum detected by the technical indicators. The MACD is growing above the zero mark and looking to cross beyond its signal line while the ROC is accelerating in the positive region, both promoting additional bullish price actions.

So, a sustainable move above the channel upper line and more importantly a daily close beyond the 1.946 top will see an extension up to the 161.8% Fibonacci level of the recent down-leg at 2.315. A successful move higher from here could then challenge the 261.8% Fibonacci level at 2.912.

On the downside, the lower line of the channel may keep balancing selling pressures, assisted by the 55-day exponential moving average seen just above the latest bottom of 1.349. A strong penetration of these barricades will dampen the medium-term outlook and send the price initially towards the 10th of August low of 1.151, where any step lower will bring the June 18th bottom at 0.817 straight into view.

To summarize, EOS continues to exhibit a steady bullish trajectory inside the channel and a sustainable move beyond 1.946 will flourish positive forces, while a drop beneath 1.349 could start to feed negative price movements.