EOSUSD Is Range-Bound, Will Buyers Prevail?

EOSUSD Is Range-Bound, Will Buyers Prevail?

Price Analysis – October 29

The breakout at $2.7 will expose the price to the $2.7 and $2.4 resistance level while the breakout at the support level of $2.4 will expose the price to the low of the March at $2.2 and $1.7 support level.

Key Levels:

Resistance levels: $2.7, $2.9, $3.3

Support levels: $2.4, $2.2, $1.7

EOS/USD Long-term Trend: Ranging

The Cryptocurrency is range-bound within the resistance level at $2.7 and support level at $2.4 like other cryptos; this may be due to the US presidential election period. EOSUSD found support at $2.4 on September 23. The bearish pressure was resisted at the level by the bulls and the price increases to $2.7. The scenario has repeated itself two times. It is struggling to break up the resistance level at the $2.7 level.

EOSUSD Daily chart, October 29

The two EMAs are twisted to each other as a symbol of the ranging market and the price is trading around and over the 9 periods EMA and 21 periods EMA. The ranging movement will continue until there is a breakout at the resistance level of $2.7 or support level at $2.4. The breakout at $2.7 will expose the price to the $2.7 and $2.4 resistance level while the breakout at the support level of $2.4 will expose the price to the low of the March at $2.2 and $1.7 support level.  The Relative Strength index period 14 does not display any specific price direction which indicates that consolidation is in progress.

EOS/USD Price Medium-term Trend: Ranging

In the medium term, EOSUSD is consolidating around the $2.7 zone. The bulls have not enough pressure to push up the price above the resistance level of $2.7. In the same vein, the bears have low momentum to drive the market to the low of $2.4. The momentum of the buyers and that of the sellers are at equilibrium.

EOSUSD 4-hour chart, Oct. 29

The price is hovering over the 9 periods EMA and the 21 periods EMA which are interlocked to each other, this connotes that consolidation is in progress. The relative strength index period 14 is flat at 50 levels to indicate ranging movement.

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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.