EOS is poised for another bull run in the short term and it seems like the altcoin is back in the game. The short-term correction keeps the price of EOS on suspense for a strong bullish move so let’s find out more about it in the EOS coin news today.
Over the past few days, the cryptocurrency saw a relatively strong growth of more than 23 percent after establishing a mid-year low at around $2.4 on September 25. The price also stalled around the $3.5 level and established a monthly high so the cryptocurrency increased by 2.37 percent and is now trading at around 3.47 price level. The seventh-largest cryptocurrency on the market will recover above the key resistance level if the market corrects further.
By looking at the daily charts, EOS is poised to shape a descending channel since July but the price also increased slightly for now. In the meantime, the last six weeks of trading helped the asset position an uptrend which makes the price able to test the channel’s resistance at $3.5 earlier this month. At the time of writing, the EOS/USD pair gathered some support at $.
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4 followed by the $3.2 so if the token corrects below this support level, the next low may be located at $2.5. A further drive could cause the market to plunge at the lower boundary of the channel.
However, the cryptocurrency is right now showing a bearish movement on the hourly charts and if the price can say above the $3, the EOS market will be able to bounce back to $3.65. The price surge could further move the token out of the channel boundary to $4 and $4.6 resistance levels so the bulls seem to be stepping back into the market. EOS is ready for a positive breakout on the daily charts and it seems like the recent price drop is stopping the bulls and keeps them waiting. If EOS can surpass the $0.365 price levels, the price could demonstrate an extended rally before this year ends.
The hourly MACD for EOS is positive but can still turn down at the zero levels before getting higher so we have to keep an eye on the price in the next couple of days.
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