EOSUSD May Continue to Gain Ground Against US Dollar

EOSUSD May Continue to Gain Ground Against US Dollar

Price Analysis – October 22

The price may penetrate the resistance level of $2.7 provided the bulls increase their pressure and the price may increase to $2.9 and $3.3. Ranging movement may continue if the resistance level at $2.7 holds. Looking below the current price are the support levels at $2.3, $2.2, and $1.7.

Key Levels:

Resistance levels: $2.7, $2.9, $3.3

Support levels: $2.3, $2.2, $1.7

EOS/USD Long-term Trend: Bullish

EOSUSD is bullish in the daily chart. The bulls seem to be having the upper hand in the EOS market. There is low volatility for more than two weeks. The coin was consolidating last week. The trading was below 25 moving average. Yesterday the bulls pushed the price above the moving average. Today, the price starts the market with another bullish candle and the price is moving towards the resistance level at $2.7

EOSUSD Daily chart, October 24

The 9 periods EMA is trying to cross the 21 periods EMA upside to establishing full bullish movement. The price is trading above the two EMAs. The price may penetrate the resistance level of $2.7 provided the bulls increase their pressure and the price may increase to $2.9 and $3.3. Ranging movement may continue if the resistance level at $2.7 holds. Looking below the current price are the support levels at $2.3, $2.2, and $1.7.

 EOS/USD Price Medium-term Trend: Bullish

The bulls have pushes the price away from the consolidation zone. The coin was moving downside last week aiming at the support level at $2.3 but the bulls interrupt the bearish movement. The bulls push up the price to test the resistance level at $2.7. The bullish movement may continue to a previous high level at the $2.9 price level.

EOSUSD 4 hour chart, October 24

The price is trading above the two EMAs while the 9 periods EMA has crossed the 21 periods EMA upside which connotes bullish movement. The relative strength index period 14 is pointing up to indicate a buy signal.

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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.