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

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

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.

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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.