EOSUSD Ranges at Key Support Level; Will There be a Bearish Breakout?

EOSUSD Ranges at Key Support Level; Will There be a Bearish Breakout?

Price Analysis – December 04

When the bears’ momentum increases, the price may penetrate the $2.9 level and the low of $2.7 and $2.4 levels may be reached. In case the $2.9 support level holds, the price may reverse and face the resistance levels at $3.3, and $3.8.

Key Levels:

Resistance levels: $3.3, $3.8, $4.5
Support levels: $2.9, $2.7, $2.4

EOS/USD Long-term Trend: Bearish

EOSUSD is bearish in the long term outlook. The bulls could not continue upward movement after the bullish breakout that at $2.9 reaches the resistance level of $3.3. The bulls lose the momentum and the bears equally defended the $3.3 resistance level with the formation of strong bearish candles., The bears gained more pressure and the price returns to the support level of$2.9. It is over two weeks, the price started consolidating around the $2.9 support level.

EOSUSD Daily chart, December 04

The price is trading at $2.9 around the two EMA while 9-periods EMA is interlocked to 21 periods EMA which indicates that consolidation is in progress in the EOS market. When the bears’ momentum increases, the price may penetrate the $2.9 level and the low of $2.7 and $2.4 levels may be reached. In case the $2.9 support level holds, the price may reverse and face the resistance levels at $3.3, and $3.8.

EOS/USD Price Medium-term Trend: Bullish

In the medium term, the price is ranging around the support level at $2.9.The coin is bearish within the channel on the medium-term outlook. The price is currently moving downward with the formation of more bearish candles, which indicates that bulls were losing control gradually as the current position of the relative strength index period 14 suggests a rise in bears’ momentum.

EOSUSD 4-hour chart, December 04

The 9-day EMA has crossed the 21-day EMA downward with the price below the 9-day EMA, confirming the downtrend. Should EOS price go down to the support level at $2.9 and produce a bearish candle pattern, then further downward movement could be anticipated and this may lead the price to $2.7 and $2.4 support levels.

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Author : Azeez Mustapha

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.