EOSUSD Price May Continue Bullish Trend after Retracement

EOSUSD Price May Continue Bullish Trend after Retracement

Price Analysis – January 08

Should the bears have enough momentum to break down the support level of $3.0, then, the price may test the $2.7 and $2.4 support levels. In case the bulls maintain their momentum, the resistance level of $3.7 and $4.4 may be reached.

Key Levels:

Resistance levels: $3.3, $3.7, $4.4

Support levels: $3.0, $2.7, $2.4

EOS/USD Long-term Trend: Bullish

EOSUSD is bullish in the long-term outlook. On January 01, the Crypto was ranging within the $2.7 and $2.4 levels. The sellers could not break through the support level at $2.4; also, the buyers could not break up the then resistance level of $2.7. The confluence at the $2.7 region prevents the bulls to break up the $2.7 level. There was a breakout at the $2.7 level on January 06 and the price soared towards the north side and the resistance level of $3.7 was tested. Today, the bears reacted against the action of the bulls, and the price retraced towards the support level at $3.0.

EOSUSD Daily chart, January 08

At the moment, the price is decreasing towards the support level of $3.0. The price is trading above the 9 periods EMA and 21 periods EMA as an indication of the bullish trend. Should the bears have enough momentum to break down the support level of $3.0, then, the price may test the $2.7 and $2.4 support levels. In case the bulls maintain their momentum, the resistance level of $3.7 and $4.4 may be reached. The bullish trend may continue. However, the relative strength index period 14 is bending down above 60 levels which indicates a sell signal and it may be a pullback.

EOS/USD Price Medium-term Trend: Bullish

On the 4 – hour chart, the crypto is under the control of the buyers. The bulls prevailed over the bears by the break up the resistance level of $2.7 and the price increased to the $3.0 resistance level. It pulled back to retest the $2.7 level. The bulls pushed up the price to reach the resistance level of $3.3. The price is currently carrying out a retracement before the bullish trend continues.

EOSUSD 4 hour chart, January 08

The price is trading above the 9 periods EMA and the 21 periods. However, the relative strength index is bending down at 60 levels 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.