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.

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.

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.