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The EGO price soared 19% in the last 24 hours to trade at $0.02404 as of 00:01 a.m. EST on trading volume that surged 79% to $3.8 million.
Ego Price Gearing Up For A Bullish Trend Reversal
The Ego price recently experienced a strong upward spike, but it has since entered a consolidation phase after hitting the $0.025 resistance zone, according to data from GeckoTerminal.
A descending triangle pattern is visible, with the Ego price testing the lower highs and horizontal support. This pattern is typically bearish, but in this case, it could act as a continuation pattern since the prior trend was bullish. If the price breaks out above the resistance of the triangle, we could see another upward move.
EGO price trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which supports the bullish bias.
The Relative Strength Index (RSI) is approaching the overbought zone (70), currently at 62, but remains below it. This suggests moderate bullish momentum. If the RSI moves higher and enters overbought territory, it could indicate a stronger rally. Conversely, if it turns down from here, a minor pullback may occur.
The Moving Average Convergence Divergence (MACD) line is above the signal line, showing a bullish crossover. The histogram bars are slightly positive, suggesting that bullish momentum is building. This aligns with the possibility of a breakout.
If the bulls manage to breach the upper boundary of the triangle, the Ego price could soar, as they target $0.040.
However, if the bears take charge of the price, they could plunge to the horizontal support near $0.02073 (50-day SMA).
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