EOSUSD Price: Up-move Continue, or Falter?

EOSUSD Price: Up-move Continue, or Falter?

Price Analysis – November 12

The increase in momentum of the bulls will push up the price to the resistance level of $2.7, which may be penetrated and test the $2.9 and $3.3 price level. Should the bulls fail to break up the dynamic resistance level, the bears may exert pressure to break down the support level of $2.4 and expose the coin to $2.2 and $1.7 support levels.

Key Levels:

Resistance levels: $2.7, $2.9, $3.3

Support levels: $2.4, $2.2, $1.7

EOS/USD Long-term Trend: Ranging

EOSUSD is on the ranging mode in the long term outlook. There are no significant changes in the EOS market for more than three days. Cryptocurrency found support at the $2.2 price level on November 03. The bullish reversal candle pattern formed at the $2.2 price level which triggers the bullish movement. The coin increases and breaks up the former resistance level of $2.4, move towards the resistance level of $2.7. The bears are opposing the price increase and that is causing price consolidation at moment in the EOS market.

EOSUSD daily chart, November 12

The two EMAs are coming close together, parallel to each other with the coin trading between the two (9 periods EMA and 21 periods EMA), which indicate that consolidation is in progress in the EOS market. The increase in momentum of the bulls will push up the price to the resistance level of $2.7, which may be penetrated and test the $2.9 and $3.3 price level. Should the bulls fail to break up the dynamic resistance level, the bears may exert pressure to break down the support level of $2.4 and expose the coin to $2.2 and $1.7 support levels.

EOS/USD Price Medium-term Trend: Ranging

Last week, EOSUSD followed the direction of our prediction that is bullish direction; the price action formed a short “W” pattern and the price plays along with the last hand of the pattern. The bears prevent the price from reaching the target with the strong bearish candles produced, the price decreases but could not break down the support level of $2.4. The price results in consolidation.

EOSUSD 4-hour chart, November 12

The 9 periods EMA is interlocked with the 21 periods EMA and the price is hovering over the two EMAs. The relative strength index period 14 is at 50 levels displaying no specific direction.

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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.