With the EOS mainnet launch minutes away from getting the go-ahead, all eyes are on the EOS charts as the community waits eagerly for a bullish rally.
Looking at the EOS/BTC chart over 3hr candles, we can see EOS is beginning to gradually ascend against a resistance at 191,573 Sats. Whale investors have already been working to drive the token price down in the lead up to the mainnet launch, after bullish support broke out from a bullish pennant yesterday; shown here by the steep red candle after EOS began to breach the 0.618 fib level.
Momentum has begun to pick up slowly as traders wait patiently for officials to break the news. According to the last update, EOS is going through a final security audit before being given the green light.
Over a closer range, MACD and RSI are both signalling the beginning of an uptrend over 30min candles. MACD moving averages are only just now beginning to return back up towards the signal line and the RSI is now starting to climb higher inside the index channel.
Chaikin Money Flow indicator also shows increased buying pressure, as values begin to appear above the zero line.
Looking at the Ichimoku indicator, there is a bearish kumo stretching out in front of the price action, however candles are starting to showing a bullish convergence through the cloud. We’ll still yet to see further bullish confirmation come from a T/K-Sen crossing.
The first hurdle for this bullish breakout will be the 0.618 fibonacci resistance above, that has already been unsuccessfully tested once before. As candles begin to pinch against this level, over time it’s likely we’ll see a strong ascending triangle continuation breakout.
From there, bullish traders will no doubt run into strong bearish opposition at the psychological 200,000 Sats mark. It was at this point that EOS fell from during a series of strong sell-offs back in May 10th. If sellers can hold off the bulls at this stage then it’s likely that we could see EOS oscillate sideways between the 180,000 Sats support and this upper level (red triangle area), until the exhausted bull recover.
If however, support can rally the asset above this price point, then we should expect a buying frenzy to spark off as EOS enters into a new bullish phase - but be wary of further whale market manipulation!
EOS Price Targets
Since EOS has been tracking closely to fibonacci resistances, we will continue to use these for our predictions. All return on investments (ROI) are measured from 0.618 fib level.
Price Target 1: A retracement to the 0.5 fib level at 210,402 Sats, (9.96% ROI) which was a historical price point during the peak of EOS’ rebound, after falling from it’s all-time high.
Price Target 2: A continuation to the 0.382 fib level above at 229,455 Sats (19.91% ROI). This was a head-test price point during the post all-time high rally.
Price Target 3: Break out to the 0.236 fib level at 253,029 Sats (32.23% ROI)
A surge to this level would result in a new all-time high, surpassing another psychological level at 250,000 Sats.
This article appeared first on Cryptovest
