EOSUSD Price Has Room to Decline?

Azeez Mustapha

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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.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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