EOSUSD Bottomed at $2.4 Support Level, Bulls May Take Over
Login

EOSUSD Bottomed at $2.4 Support Level, Bulls May Take Over

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:
Price Analysis – January 14

Should the bears maintain their momentum to break down the support level of $2.4, then, the price may test the $2.1. In case the bulls defend the support level of $2.4, the resistance level of $3.0, $3.3 and $3.7 may be the target. The bullish trend may continue.

Key Levels:

Resistance levels: $3.0, $3.3, $3.7

Support levels: $2.7, $2.4, $2.1

EOS/USD Long-term Trend: Bearish

EOSUSD is bearish in the long-term outlook. The coin was under the strong bullish momentum last week. The bullish momentum pushed the coin to reach the resistance level of $3.7 after breaking up the $3.3 price level. The bulls’ pressure could not withstand the opposition built by the bears at resistance level of $3.7. The strong bearish candle emerges that pushed the price back below $3.0 price level.  The support level of $2.4 was tested and currently, the price is pulling back.

EOSUSD daily chart, January 14

At the moment, the price is carrying out retracement towards the level of $3.0. The price is trading below the 9 periods EMA and 21 periods EMA as an indication of the bearish trend. Should the bears maintain their momentum to break down the support level of $2.4, then, the price may test the $2.1. In case the bulls defend the support level of $2.4, the resistance level of $3.0, $3.3 and $3.7 may be the target. The bullish trend may continue. Meanwhile, the relative strength index period 14 is bending up above 40 levels which indicate a buy signal.

EOS/USD Price Medium-term Trend: Bullish

On the 4 – hour chart, the buyers are gradually taken over the EOS market. The coin bottomed at the support level of $2.4 on January 11. A morning star candle pattern formed; this is a bullish reversal candle pattern. The bulls gradually increase their momentum and the price is trying to penetrate the resistance level of $2.7.

EOSUSD 4 hour chart, January 14

The price is struggling to trade above the 9 periods EMA and the 21 periods EMA. The relative strength index is bending down at 50 levels to indicate a sell signal which may be a pullback.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News