EOSUSD Price Analysis – August 24
EOSUSD has reached the previous low at $2.3, should the level holds the price, it will bounce and increase towards the resistance levels at $2.9, $3.3, and $3.8. In case the support level of $2.3 does not hold the price, it will decrease further to the support levels at $2.2 and $1.7.
EOS/USD Long-term Trend: Bearish
Resistance levels: $2.9, $3.3, $3.8
Support levels: $2.3, $2.2, $1.7
EOS/USD has been declining for more than a month; that is in accordance with the chart pattern produced ‘Head and Shoulder”. Last week, the price was at a high of $3.53, it reduces to the low of $2.59 as of yesterday. EOS has decreased to $2.42 price level. EOSUSD is under the pressure of the sellers. The price has tested the previous low of $2.3 support level.
The two EMAs are following the direction of the price, trading below the 9 periods EMA and 21 periods EMA which indicates that the bears are in control of the EOS market. EOSUSD has reached the previous low at $2.3, should the level holds the price, it will bounce and increase towards the resistance levels at $2.9, $3.3, and $3.8. In case the support level of $2.3 does not hold the price, it will decrease further to the support levels at $2.2 and $1.7. The Relative Index period 14 is below the 40 levels displaying a buy signal which may be a pullback.
EOS/USD Price Medium-term Trend: Bearish
The coin is bearish on the medium-term outlook. The pressure of the sellers increase and the price break away from the consolidation zone. The former demand level of $2.7 was penetrated downside. More bearish candles were produced and the price decreases to find support at the $2.3 price level. The price is currently pulling back.
The price is penetrating the 9-day EMA and the 21-day EMA upside as an indication that the bulls may take over the market soon. The current price pullback may lead to a bullish price reversal. Meanwhile, the relative strength index period 14 is pointing upside to indicate a buy signal.
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