EOS Price Analysis – April 8
EOS/USD clears the local resistance at $6 but the recovery may be extended towards the resistance created by $6.5.
Resistance levels: $7.0, $7.2, $7.4
Support levels: $5.2, $5.0, $4.8
According to the daily chart, EOS/USD is comfortably sitting in the hands of the bulls as buyers seem to be losing traction due to the lack of enough volume needed to sustain gains to $6.5. Meanwhile, the more the price delays the spike above $7.00, the stronger the sellers become.
What to Expect from EOS
On the bright side, the technical indicator could start a new bullish session. It is, however, not clear how long the session will last because, since the last two months, both bullish and bearish sessions have been frequent. Therefore, it is important to watch the resistance and support levels coupled with the movement of other indicators like the RSI (14) and the moving average.
On the downside, a move below the 9-day MA may increase the short-term selling pressure while the next supports may come at a psychological $5.2, $5.0, and $4.8. Meanwhile, any further bullish movements may hit the potential resistance levels at $7.0, $7.2, and $7.4.
EOS/BTC Market: Remains Above the Moving Averages
Against Bitcoin, the market price remains within the channel for a while now, currently trading at 108 SAT and expecting a break out above the upper boundary of the channel. Looking at the daily chart, if the coin can make a cross above this barrier, the bulls may end up dominating the market.
However, if the market drops, the next key supports may likely be at 90 SAT and below. On the bullish side, a possible rise could push the market to the resistance level of 130 SAT and above. According to the technical indicator RSI (14), the market may begin the uptrend as the signal line moves toward the overbought region, which could give more bullish signals.