Over the past three months, the EOS/USDT pair has fought to move past the $1.413 supply zone and has instead constructed a range-bound gain. However, this consolidation phase took the form of an inverted head and shoulders pattern, suggesting a chance for coin holders to rebound. The pricing indicates another attempt to retake the $1.41 mark after a brief correction.
From $1.4, the EOS price shown a strong momentum breakout. A dynamic support is provided by the 50-day EMA. The EOS's intraday trading volume is $749.5 billion, representing a 131% increase. Additionally, on August 17th, when the price gave a significant breach from the $1.413 resistance, the EOS price initiated this pattern. On August 19, however, the US Federal Reserve proposed a 0.75% interest rate hike in September, which immediately put pressure on the cryptocurrency market.
As a result, a fakeout was revealed when the EOS price was unable to maintain above the $1.413 level. Even though the fearful holders may have fled at this time, the immediate support of $1.26 stopped further decline.
Additionally, the prices rose 17% as a result of the revived bullish momentum, pointing to another breakout attempt. If the price of EOS holds steady at this point, the subsequent advance may break beyond $1.564 for better confirmation. On the other hand, another drop from $1.14 will start a longer correction if the market's selling pressure continues.
Bollinger band indicator: The EOS price frequently touching the upper band of the indicator denotes significant market selling. Prices that challenge this barrier again, however, are typically followed by a retreat to the midline.
RSI indicator: The daily-RSI slope sliding laterally in reaction to rising prices signifies a lack of underlying bullishness.
levels of resistance: $1.56 and $1.72
Levels of support: $1.41 and $1.25
