EOSUSD Price; Bullish Trend May Commence Soon

EOSUSD Price; Bullish Trend May Commence Soon

Price Analysis – January 28

Should the bulls maintain their momentum to break up the resistance level of $2.7, then, the price may test the $2.9 and $3.3 levels. In case the bears defend the resistance level of $2.7, the support level of $2.4, $2.2, and $2.0 may be the target. The bullish trend may commence soon. Meanwhile, the relative strength index period 14 is bending up above 40 levels which indicates a buy signal.

Key Levels:

Resistance levels: $2.7, $2.9, $3.3
Support levels: $2.4, $2.2, $2.0

EOS/USD Long-term Trend: Bearish

EOSUSD is bearish in the long-term outlook. The coin closed at the resistance level of $2.7, unable to break the confluence at the level. Shortly after the scenario, the United States Dollar was strong against EOS. The bears were favored by the USD strength and this leads the price to a support level of $2.4 which is the second time within two weeks. Today, the bulls dominate the market and a strong bullish candle formed trying to break up the resistance level of $2.7.

EOSUSD Daily chart, January 28

At the moment, the price is trying to break up the 9 periods EMA and 21 periods EMA as an indication of the bullish trend. Should the bulls maintain their momentum to break up the resistance level of $2.7, then, the price may test the $2.9 and $3.3 levels. In case the bears defend the resistance level of $2.7, the support level of $2.4, $2.2, and $2.0 may be the target. The bullish trend may commence soon. Meanwhile, the relative strength index period 14 is bending up above 40 levels which indicates a buy signal.

EOS/USD Price Medium-term Trend: Bullish

EOSUSD is bullish on the 4 – hour chart. The coin touched the support level at $2.4 on January 27; this seems to form the double bottom chart pattern on the 4-hour chart. The price has crossed the dynamic resistance level and also penetrates the resistance level of $2.7.

EOSUSD 4-hour chart, January 28

The price is currently carrying out a retest towards the $2.7 level.
The price is trading above the 9 periods EMA and the 21 periods EMA. The relative strength index is bending down at 60 levels to indicate a buy 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.