EOS Price Analysis – February 22
EOS/USD pair is maintaining a downtrend as the bears come together to increase selling pressure in the market.
Resistance levels: $5.5, $6.0, $6.5
Support levels: $3.0, $2.5, $2.0
EOS/USD is fluctuating below the 9-day and 21-day moving averages within the descending channel, which could be a little concerning at the moment. The main question is when will EOS slide into the profit zone again? It seems that traders may need to be patient to take advantage of some feedback on the coin. Meanwhile, they might want to work on avoiding any losses if the value is dropped every day.
What to Expect from EOS
Looking at the daily chart, the EOS pair is maintaining a downtrend as the bears are preparing for more selling pressure. The market is consolidating and the critical support lies at $3.0, $2.5, and $2.0 levels. However, if the bulls could step back into the market, a trend reversal may resurface and push the price above the moving averages which could later reach the resistance levels of $5.5, $6.0, and $6.5.
As reveals in the daily chart, the technical indicator RSI (14) is seen moving below the 55-level and this may likely introduce more bearish signals into the market.
EOS/BTC Market: Stays Intact within the Channel
Against Bitcoin, EOS follows the downtrend, although the price action has remained intact within the descending channel if the selling pressure persists, the EOS price variation is likely to create a new low in the coming days. As of now, the technical indicators have turned down, which indicates that we may continue to see a negative move in the market.
Moreover, EOS/BTC is currently trading below the 9-day and 21-day moving averages at the 83 SAT. We can expect close support at the 70 SAT before breaking to 65 SAT and potentially 60 SAT. In other words, if a bullish movement occurs and validates a break significantly above the moving averages; we can then confirm an upward movement for the market. But for now, the closest resistance lies at 100 SAT and above.