EOS price chart presented today is a 4 hour time frame with market action from June 1, 2019 till date. A dominant downtrend can be observed using the 200 Moving average, as well as the drawn over price peaks on June 1 and June 26, 2019.
The did reach at ~3.31 on July 16, 2019 with lack of added selling pressure causing price to bounce to the July 27, 2019 price peak of 4.77.
Another successful test of the same did occur on August 15, 2019 providing a confirmation and therefore implying a limited downside potential in EOSIO ( EOSUSD ). On the other hand, current resistance at ~4.05 is provided by the 200 moving average and the which could present a challenge to any swing in EOS’ price.
Less conservative strategies for establishing a long position include buying as soon as price breaks above the 200 moving average (MA), and the . Even more conservative is buying only when price closes above 4.506 (ensures a close above a ranging environment for price), the and 200 MA.