EOSUSD Price Has Room to Decline?

EOSUSD Price Has Room to Decline?

EOSUSD Price Analysis – October 01

The crypto may continue in the bearish trend, the support level of $2.7 may be retested and penetrated to expose the coin to the $2.2 and $1.7 demand level. The price may reverse at the $2.3 price level should the bears fail to break down the level.

EOS/USD Long-term Trend: Bearish

Resistance levels: $2.7, $2.9, $3.3
Support levels: $2.3, $2.2, $1.7

The sellers hold tight to the EOS/USD market. Last week was not an exemption. The price was reduced to the support level of $2.3 on September 23. The price was unable to break down the level due to interruption from the bulls. EOSUSD experienced a pullback to the resistance level at $2.7. The price retested the 9 periods EMA.

EOSUSD Daily chart, October 01

Currently, it seems the bears are gaining more momentum; this is noticed in the daily chart with the formation of the daily bearish candle. The two EMAs are separated and the price is trading below the 9 periods EMA and 21 periods EMA as an indication of an increase in the bears’ pressure. The crypto may continue in the bearish trend, the support level of $2.7 may be retested and penetrated to expose the coin to the $2.2 and $1.7 demand level. The price may reverse at the $2.3 price level should the bears fail to break down the level. The increase in price may encounter barriers at the following price level; $2.7, $2.9, and $3.3 resistance levels.

EOS/USD Price Medium-term Trend: Bearish

The coin was ranging within the $2.7 and $2.3 price level. An attempt was made by the bulls to test the resistance level at $2.7 but the mark was not reached before the bears oppose the movement. The sellers are gaining upper hand in the EOS market.

EOSUSD 4-hour chart, October 01

The price is trading below the two dynamic resistance levels (9-day EMA and the 21-day EMA) which indicate an increase in the bears’ pressure. A further price decrease is envisaged.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 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
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.