EOSUSD Is Range-Bound Within $2.7 and $2.4 Levels, Awaiting a Breakout

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Price Analysis – January 01

Should the bears have enough momentum to break down the support level of $2.4, then, the price will be exposed to the $2.1 and $1.8 support levels. In case the bulls prevail over the bears, the resistance level of $2.7 will be penetrated and the price will increase to $3.0 and $3.3 resistance levels.

Key Levels:

Resistance levels: $2.7, $3.0, $3.3
Support levels: $2.4, $2.1, $1.8

EOS/USD Long-term Trend: Ranging

EOSUSD is bearish in the long-term outlook. The Crypto found support at $2.1 on December 24. The sellers could not break through the support level at $2.1, the price pulled back to retest the resistance level of $2.7 but the dynamic resistance levels prevented the move. The confluence at the $2.7 region prevents the bulls to break up the $2.7 level. The scenario leads to a ranging movement within the $2.7 and $2.4 levels.

At the moment, the price is decreasing towards the support level of $2.4. The price is crossing the 9 periods EMA and 21 periods EMA downside. Should the bears have enough momentum to break down the support level of $2.4, then, the price will be exposed to the $2.1 and $1.8 support levels. In case the bulls prevail over the bears, the resistance level of $2.7 will be penetrated and the price will increase to $3.0 and $3.3 resistance levels. There is a tendency for the price to test the demand level of $2.7 as the relative strength index period 14 is bending up above 40 levels which indicates a buy signal.

EOS/USD Price Medium-term Trend: Ranging

On the 4 – hour chart, the crypto has been under the control of the sellers since December 21. The bearish pressure decreased the price to the $2.1 support level. The bulls reacted against the price decrease and the price reversed to retest the $2.7 resistance level. The bulls’ momentum fails and it commences ranging movement within $2.7 and $2.4 price levels.

The 9 periods EMA is interlocked with the 21 periods EMA and the price is hovering over the two dynamic resistance levels which indicates that a ranging movement is ongoing in the EOSUSD market.