EOSUSD Experiences a Bearish Breakout at $3.0, Targeting $2.4 Support Level

EOSUSD Experiences a Bearish Breakout at $3.0, Targeting $2.4 Support Level

Price Analysis – December 11

Further increase in the bears’ pressure will decrease the price to the $2.4 support level; the bearish momentum may extend to $2.1 and $1.5 if $2.4 does not hold the price. However, the resistance levels above the current price can found at $2.7, $3.0, and $3.3.

Key Levels:

Resistance levels: $2.7, $3.0, $3.3
Support levels: $2.4, $2.1, $1.5

EOS/USD Long-term Trend: Bearish

EOSUSD is bearish in the long term outlook. The crypto plays along the way it was predicted last week; the bears increase their momentum and the $3.0 level was penetrated downside. The bearish momentum was extended to $2.7, the just mentioned level could not hold the price, it was penetrated and currently exposed to the support level at $2.4. Further price declination is envisaged.

EOSUSD daily chart, December 11

The coin is declining towards the support level of $2.4; the two EMAs have been penetrated downside and the coin is trading below the 9 periods EMA and 21 periods EMA. Further increase in the bears’ pressure will decrease the price to the $2.4 support level; the bearish momentum may extend to $2.1 and $1.5 if $2.4 does not hold the price. However, the resistance levels above the current price can found at $2.7, $3.0, and $3.3.

EOS/USD Price Medium-term Trend: Bearish

In the medium term, the EOSUSD is on the bearish trend. After the price retracement that took place on December 01 to the resistance level of $3.3, the bears resumed into the EOS market with increased pressure and the price started declination. The support level of $3.0 and $2.7 has been penetrated downside. The price is heading towards the $2.4 price level.

EOSUSD 4-hour chart, December 11

The 9-day EMA has crossed the 21-day EMA downward with the price below the 9-day EMA, confirming the downtrend. Should EOS price go down to the support level at $2.4 and refuse to produce a bearish candle pattern, then further downward movement may not be possible.

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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.