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Brian Bollinger The EOS coin price trades at $1.25 at press time with an intraday gain 5.45%. Today’s bullish candle is long and bearish. The buyers have broken the monthly resistance of $1.24-1.222. This breakout, supported by strong volume, indicates that buyers are confident in climbing higher levels. Interest buyers may be able to gain entry if the daily candle closes above $1.24. Here are three reasons why EOS prices may witness significant recovery in the coming weeks.advertisementSource-TradingviewFormation Of Bullish PatternThe EOS coin price shows the formation of a rounding bottom pattern in the daily time frame chart. The pattern is characterized by a gradual downward price trend followed by a period of stabilization/accumulation and a steady upward trend, resulting in a U-shaped curve.Currently, the coin price is making a lead from the accumulation zone to the recovery phase, where more buyers could enter with additional confirmation. The EOS price should rise 47.5% to reach the neckline resistance. Trending StoriesThe formation of this pattern creates a sense that a coin is on the verge of sustained recovery. The EOS price has shown a nearly parallel growth over the past five days, despite the recent recovery in crypto markets. This bullish rally saw a 24.4% increase and broke through the $1.24-$1.22 resistance zone. Its breakout could lead to further recovery in EOS’s price. The breakout will signal the transition of EOS price from a sideways accumulation area to a future recovery. The bull run has reclaimed crucial EMAs (20, 50, 100 and 200) and provided additional confirmation for buyers. Thus, the rising altcoin price has recently reclaimed the 200-day EMA, which is a common benchmark to identify market trends.advertisementTherefore, the EOS price trading above the 200-day EMA indicates the buyers have an upper hand.Resistance Levels: $1.388 and $1.6
Support Levels: $1.22 & $1.3
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.