EOSUSD Attempts Breaking Down $2.7 Price Level

EOSUSD Attempts Breaking Down $2.7 Price Level

Price Analysis – January 21

When the daily bearish candle closes below the $2.7 level; the price may decrease to $2.4, $2.1 and $1.7. In case the bulls defend the support level of $2.4, the resistance level of $2.7. $3.0 and $3.3 may be the targets.

Key Levels:

Resistance levels: $2.7, $3.0, $3.3

Support levels: $2.4, $2.1, $1.7

EOS/USD Long-term Trend: Bearish

EOSUSD is bearish in the long-term outlook. The currency pair was operating under a strong bullish momentum two weeks ago. The bullish trend pushes the price to the resistance level of $3.8.  The bears defended the level with the formation of daily bearish engulfing candle which decreased the price below $2.7 support level. The coin commenced ranging movement at $2.7 price levels due to low bullish and bearish momentum.

EOSUSD Daily chart, January 21

Today, the market is dominates by the bear and a bearish candle appeared to break the support level of $2.7. The price is trading below the 9 periods EMA and 21 periods EMA as an indication of the bearish pressure increase. When the daily bearish candle closes below the $2.7 level; the price may decrease to $2.4, $2.1 and $1.7. In case the bulls defend the support level of $2.4, the resistance level of $2.7. $3.0 and $3.3 may be the targets. The bullish trend may continue as the relative strength index period 14 is bending down at 40 levels which indicate a sell signal.

EOS/USD Price Medium-term Trend: Ranging

EOSUSD is on the ranging mode on the 4 – hour chart. The coin reached the high of $3.7 on January 10. The level refused to give way for the breakout. The bears wave in to the market and a bearish engulfing candle emerges the price was pushed down to the support level of $2.4 after it penetrates the $2.9 and $2.7 level downside.  The buyers’ momentum became weak, also, the bears lose momentum and the price stared consolidation at $2.7 level.

EOSUSD 4-Hour chart, January 21

The price is still struggling to trade below the 9 periods EMA and the 21 periods EMA. The relative strength index is bending down at 40 levels to indicate a sell signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.