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EOS (EOS)trade is currently trading at $6.84. The price was in an uptrend but there was a formation of a bearish belt hold pattern at the resistance level. It is a trend reversal pattern indicating resistance.
Minor support is at $6.33 and major support is at $5.81 with resistance at $8.57. It is suggested not to take long position at this price.
According to Dow Theory, the digital coin is currently appearing in the public participation phase; during this phase, negative sentiment starts to dissipate. This phase tends not only to be long lasting, but also the one with the largest price movement potential. It is also the phase in which most technical and trend traders start to take long positions. The trendline is also acting as support.
Taking 9 period moving averages (blue) with 21 period moving averages (red), although, there is bullish crossover but the price is below nine and twenty-one period moving averages indicating correction.
The price is moving between the channels, with the upper limit acting as resistance. The price after touching the upper limit is declining indicating further correction. The middle average line can act as support. The downward breakout can be false wait for the confirmation.
EOS is currently trading at $6.84. The support is at $5.81 with resistance at $8.57. It is suggested to wait until the price touches the support or minor support of $6.43. The above levels can be used for swing trading.
The current momentum is negative but the formation of doji indicates indecision; also, the RSI is moving towards the oversold region. The overbought region can act as a buying point. The midterm target is $10.70.