EOSUSD Price May Reverse at $4.5 Price Level

EOSUSD Price May Reverse at $4.5 Price Level

EOSUSD Price Analysis – February 11

EOSUSD has reached the high of $4.5 level, should it hold the price, it may bounce and decrease towards the support levels at $3.8, $3.3, and $2.9. In case the resistance level of $4.5 does not hold the price, it will increase further to the resistance levels at $5.2 and $6.4. The Relative Strength Index period 14 is at the overbought level displaying the sell signal.

EOS/USD Long-term Trend: Bullish

Resistance levels: $4.5, $5.2, $6.4
Support levels: $3.8, $3.3, $2.9

EOS/USD is bullish on the daily chart; the coin has been ranging for more than a month within $3.8 and $2.7 levels. Several attempts made to break out of the ranging zone failed. On February 07, the bulls gained enough momentum to break up the resistance level of $3.3, and the price increases to $3.8. The bulls pressure increase and break up the resistance level of $3.8, the price is at $4.5 level at the moment.

EOSUSD Daily chart, February 11

The slow-moving EMA (9 periods) has crossed the fast-moving EMA (21 periods) upside and the price is trading above the two EMAs at a distance to indicate strong bullish pressure. EOSUSD has reached the high of $4.5 level, should it hold the price, it may bounce and decrease towards the support levels at $3.8, $3.3, and $2.9. In case the resistance level of $4.5 does not hold the price, it will increase further to the resistance levels at $5.2 and $6.4. The Relative Strength Index period 14 is at the overbought level displaying the sell signal.

EOS/USD Price Medium-term Trend: Bullish

The coin is bullish on the medium-term outlook. The pressure of the buyer’s increases and the price break away from the consolidation zone. The former resistance level of $3.3 was penetrated upside. More bullish candles were produced and the price increases to find resistance at the $4.5 price level. The price is currently pulling back.

EOSUSD 4-hour chart, February 11

The price is trading above the 9-day EMA and the 21-day EMA is an indication that the bulls are dominating the market. The current price pullback may lead to a bearish price reversal. Meanwhile, the relative strength index period 14 is pointing downside 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.