we are in 4 hour chart of EOS. It is moving in this channel for a while. EOS had drastically lost value in recent drop so EOS will try to get it back. On the other hand Ethereum is doing well this is a good environment for platform coins. As long as Ethereum goes up EOS will follow the trend.
Please don't forget this is only educational analysis make your own research before you invest into something.
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Downside line of the channel is holding good. On the other hand, in daily chart 50 MA has been a very strong resistance in last 6-7 months so it will be challenging for EOS to cross it. If EOS cross 50 MA and if it holds as support than EOS will make a good move upwards.
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The channel is broken to downside it is strong bearish sign people who could sell before broke down are happy now
Eos is forming a bearish signal