EOSUSD Found Support at $2.75, Buyers Take Over EOS Market

EOSUSD Found Support at $2.75, Buyers Take Over EOS Market

Price Analysis – December 17

Further increase in the bulls’ pressure will increase the price to the $3.3 resistance level; the bullish momentum may extend to $3.7 and $4.4. However, the support levels below the current price can found at $3.0, $2.7, and $2.4.

Key Levels:

Resistance levels: $3.3, $3.7, $4.4
Support levels: $3.0, $2.7, $2.4

EOS/USD Long-term Trend: Bullish

EOSUSD is bullish in the long term outlook. The coin retraced to the resistance level of $3.3 on December 01. The bearish movement was restored shortly after the retracement and the price falls to the support level of $3.0, the bears’ momentum failed at the mentioned level. The bulls gain more pressure to push the market, the price bounces at the level and increases towards the $3.3 resistance level after it penetrates the $3.0 level.

EOSUSD daily chart, December 17

The coin is inclining towards the resistance level of $3.3; the two EMAs have been penetrated upside and the coin is trading above the 9 periods EMA and 21 periods EMA. Further increase in the bulls’ pressure will increase the price to the $3.3 resistance level; the bullish momentum may extend to $3.7 and $4.4. However, the support levels below the current price can found at $3.0, $2.7, and $2.4.

EOS/USD Price Medium-term Trend: Bullish

In the medium term, the EOSUSD is on the bullish movement. EOSUSD gradually decline to the support level at $2.7 and consolidated for short period. The bulls interrupted the bearish movement and the price reverses. The price penetrates the resistance level of $3.0 upside; it is currently increasing towards the $3.3 resistance level.

EOSUSD 4 hour chart, December 17

The 9-day EMA has crossed the 21-day EMA upward with the price above the 9-day EMA, confirming the uptrend. Should EOS price increase to the resistance level at $3.3 and produce a bullish candle pattern, then further upward movement may be possible.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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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.