EOS Risks a Further Downtrend, Drops below Previous Overpriced Level at $3.10

EOS Risks a Further Downtrend, Drops below Previous Overpriced Level at $3.10

Yesterday, buyers were able to push EOS above the $3.10 overhead resistance as the market shot up to $3.30 high. This is a positive move as the bulls were able to break the three months old resistance level.

The bulls rebounded twice before the resistance was breached. In the first attempt, the price was repelled as the market dropped to $3.0 low. The resistance was breached as buyers made the second attempt to previous highs.

Unfortunately, the recent high at $3.50 was close to the previous overhead resistance. Besides, the coin is facing resistance at the recent high. Today, the price broke the previous high but was repelled at $3.50 high. If the current downward move persists, EOS will drop to $2.80 support. However, if the support above $3.20 holds, the coin will resume the uptrend.

EOS indicator reading

As the price is above the EMAs, the coin has been making impressive moves. A break above the support line of the ascending channel will accelerate the price movement. Buyers who have been waiting on the sideline will be attracted. However, the price fails to break the support line.

EOS-CoinIdol.png

Key Supply Zones: $5, $6, $7

Key Demand zones: $3, $2, $1

What is the next direction for EOS?

EOS is making positive moves but fails to sustain above the previous overpriced level. A red candle body tested the 0.382 Fibonacci retracement level. It indicates that the market will rise to level 2.618 Fibonacci extension level. The targeted price was reached but a further upward move was rejected at $3.50 high. EOS risked further downward move as price breaks below $3.10 support.

EOS-CoinIdol.(_Chart_2)png.png

Disclaimer. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement

  • Bitcoin
  • Ethereum
  • Litecoin
  • Zcash
Scan to Donate Bitcoin to bc1qcc3xajxvdqjnx2f7j7sfcfun7jagr0nh94fa2e

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0x704671D7591d05Dd0790E86Aee964558E9347b07

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Litecoin to ltc1q7tj9ydra9ylkelu42vypp6cu2v0msf5lc2p5mq

Donate Litecoin to this address

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Zcash to t1LiPaQ7gsSL23FbjXswpSoguP6yAE1xj5B

Donate Zcash to this address

Scan the QR code or copy the address below into your wallet to send some Zcash

 68 Interactions,  2 today

Crypto & Finance News