EOSUSD Is Approaching a Potential Bullish Reversal Level

EOSUSD Is Approaching a Potential Bullish Reversal Level

EOSUSD Price Analysis – November 26

Further increase of the bears’ momentum may push the price to the low of $2.4 and $2.2 provided the support level of $2.7 does not hold. In case the $2.7 support level holds, the price may reverse and face the resistance levels at $2.9, $3.3, and $3.8.

Key Levels:

Resistance levels: $2.9, $3.3, $3.8
Support levels: $2.7, $2.4, $2.2

EOS/USD Long-term Trend: Bearish

EOSUSD is bearish in the long term outlook. Immediately after the bullish breakout that took place on November 20, the price soars to the resistance level of $3.8 after it breaks the resistance levels of $2.9 and $3.3. The bears defend the $3.8 resistance level with the formation of strong bearish candles. Yesterday, the bears dominate the market and the price pulled back. Today, more sellers increase their momentum and the price is penetrating the support level of $2.9 at the moment.

EOSUSD Daily chart, November 26

The price has penetrated the fast moving average and the slow-moving average; the price is trading below the 9 periods EMA and 21 periods EMA; meaning that the bears are taking over the market. Further increase of the bears’ momentum may push the price to the low of $2.4 and $2.2 provided the support level of $2.7 does not hold. In case the $2.7 support level holds, the price may reverse and face the resistance levels at $2.9, $3.3, and $3.8.

EOS/USD Price Medium-term Trend: Bullish

The bears take over the market after the price action formed a double top chart pattern at the resistance level of $3.8. The first touch was on November 24 and the second took place on November 25. The price obeyed the bearish command and declines to break down the $3.3 and $2.9 former resistance level.

EOSUSD 4-hour chart, November 26

The coin has penetrates the two EMAs downside and trading below the 9 periods EMA and the 21 periods EMA and the relative strength index period 14 is at 20 levels bending down to indicate 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.