THELOGICALINDIAN - EOS has staged a assemblage but added assets are difficult
EOS is captivation assimilate its contempo trading assets on the aboriginal trading day of October, with the seventh-largest cryptocurrency captivation close aloft the $3.00 level. The EOS / USD brace needs to assemblage aloft the $3.30 akin to balance trading losses incurred during the ages of September.
Following a bullish blemish from a triangle arrangement on the four-hour time frame, the EOS / USD brace has managed to accomplish a double-digit rally. The all-embracing upside bump of the bullish blemish suggests that contempo assemblage could extend appear the $3.30 level.
Going forward, the cryptocurrency faces a alternation of abstruse challenges to accost its abbreviate and medium-term bullish status. The EOS / USD pair’s 200-period affective boilerplate is amid about the $3.60 level, while its 200-day affective boilerplate is amid about the $4.80 level.
Furthermore, the EOS / USD brace needs to move abate a huge arch and amateur arrangement on the circadian time frame, which is aggressive a accessible abatement to the $1.54 level.
The cryptocurrency would charge to assemblage aloft the $8.80 akin aloof to invalidate the bearish pattern, which agency that EOS would charge to accretion over one-hundred and fifty percent to accomplish this ambition from accepted trading levels.
Technical indicators advance that EOS / USD still has ambit to balance higher, although the $3.30 to $3.60 abstruse arena presents a appalling abstruse claiming to beasts in the short-term.
Overall, unless a cogent axiological agitator emerges for the EOS / USD, the cryptocurrency’s afterlife is acceptable to be carefully activated to the administration of the broader cryptocurrency market.
According to the latest affect abstracts from TheTIE.io, the concise affect appear EOS is neutral, at 54.00 %, while the all-embracing abiding affect appear the cryptocurrency is neutral, at 67.50%.
Upside Potential
The four-hour time anatomy highlights that the contempo triangle blemish could extend appear the $3.30 level, which is the September 1st aperture price. The 200-period affective boilerplate on the four-hour time anatomy is additionally a accessible upside ambition and is amid about the $3.60 level.
The circadian time anatomy shows that the EOS / USD pair’s 50-day affective boilerplate is amid about the $3.48 level, while the 200-day affective boilerplate is amid somewhat higher, at the $4.80 level.
Downside Potential
The downside is acceptable to accessible up for the EOS / USD brace if amount starts to barter beneath the $2.90 abutment level. A bearish triangle blemish will action if the EOS / USD brace avalanche beneath the $2.70 level.
The September 2024 trading low, about the $2.45 level, is the key downside akin to watch, while the $1.54 akin charcoal the all-embracing medium-term bearish target.
Summary
EOS is staging a able accretion aloft the $3.00 level, with beasts defective to move amount aloft the $3.60 akin to accost the cryptocurrency’s concise bullish status.
The circadian time anatomy suggests that abortion to affected the $3.60 akin could abet a able bearish reversal, with the $1.54 akin the all-embracing bearish objective.
For a quick analysis up of the basics of EOS, we appear a bread guide.
