Conclusion for today’s EOS analysis: Price expected to maintain bullish momentum and move higher.
EOS price chart presented in today’s analysis is a 4 hour (intraday) timeframe using a log scale. Price action shown in the chart covers over 4 months of price development in EOSIO (EOSUSD). The main trend during this period has been an overwhelming bearish trend, which is highlighted on the chart using a bearish trendline, as well as the 200 moving average.
August 28, 2019 and September 6, 2019 bottoming attempts by EOSIO met resistance at the bearish trendline after which prices turned back down. September 26 and October 23, 2019 bottoming price action on the other hand was successfully able to breakout (October 25, 2019) and close above the long term bearish trendline. This implies a bullish bias and price can be expected to move to the upside.
Also supporting the notion of bulls maintaining and/or sustaining the current uptrend from ~2.54 (October 23, 2019) price low is the 200 moving average. A negative slope was maintained by the moving average throughout the 4 month bearish trend in EOSIO, but has started to turn to the upside (positive slope).
This provides added evidence that the downtrend in EOSIO might indeed by over and for higher prices to follow.