EOSUSD Price Is Ranging Within $2.7 and $2.3 Levels, Awaiting a Breakout

EOSUSD Price Is Ranging Within $2.7 and $2.3 Levels, Awaiting a Breakout

Price Analysis – October 15

The break up at the resistance level of $2.7 will expose the price to the next barrier level at $2.9; further increase in the bulls’ pressure may place the price at the $3.3 price level. The penetration of the demand level at $2.3 will decline the price to $2.2 and $1.7 levels.

Key Levels:

Resistance levels: $2.7, $2.9, $3.3
Support levels: $2.3, $2.2, $1.7

EOS/USD Long-term Trend: Ranging

EOSUSD is on the ranging movement. There is no significant change in the price of the coin. The momentum of bears and that of bulls are at equilibrium. That is what makes the ranging movement continues in the daily chart. The resistance level at $2.7 still holds the price, likewise, the support level at $2.3 level has not been penetrated.

EOSUSD Daily chart, October 15

Currently, the 9 periods EMA is interlocked with the 21 periods EMA and the price is hovering over and around the two EMAs. The break up at the resistance level of $2.7 will expose the price to the next barrier level at $2.9; further increase in the bulls’ pressure may place the price at the $3.3 price level. The penetration of the demand level at $2.3 will decline the price to $2.2 and $1.7 levels. The relative strength index period 14 is above 40 levels pointing down to indicate a sell signal.

EOS/USD Price Medium-term Trend: Ranging

Immediately after the price spark in the EOS market on October 06, the coin returns to the ranging mode level within the resistance level at $2.7 and support level at $2.3. Until there is a breakout either at the $2.7 level or $2.3 level, consolidation continues.

EOSUSD 4-hour chart, October 15

The price is trading around and over the two EMAs while the 9 periods EMA is struggling to cross the 21 periods EMA which connotes that consolidation is in progress. The relative strength index period 14 is pointing down to indicate a sell 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.