EOS/USD Technical Analysis: Support rises with cryptocurrency trying to escape the bear

The bearish market has not been kind to the cryptocurrency market with sporadic bullish runs being the only silver lining for holders and enthusiasts alike. EOS, the 5th biggest cryptocurrency in terms of market cap, has also come under the reign of the bear with price drops spread across the spectrum.

1 hour

The trend lines show massive bearish drops, making EOS subject to almost $1 changes in prices. Post the bear breakout on 11th October, the cryptocurrency saw a fall from $5.992 to $5.044. The current support for the cryptocurrency was holding at $5.247 which was reached after support lifts from $5.092 and $5.193.

The MACD shows multiple crossovers which coincides with the EOS support value being raised. At the current support, the price movement has been sideways with the signal line and the MACD line traveling together as an indistinguishable graph. The MACD histogram has almost disappeared after a bullish histogram pattern indicating a price hike.

The Relative Strength Index [RSI] has seen the graph hold in between the overbought zone and the oversold zone. The sporadic bullish rises have also played a part in creating the sideways movement, counteracting the effects of the bull.

1 day

The Bollinger bands show multiple bearish outbreaks which are represented by the massive bubbles on the charts. The bearish drop from $5.927 to $5.08 was the last bearish outbreak for EOS. The sideways price movement is represented by the pipe-like formation created by both the upper-level Bollinger band and the lower level Bollinger band.

Conclusion

The hold of the bear seems to be loosing with EOS pointing towards a sideways price movement with sporadic bullish rises in between.