EOSUSD Price Analysis – January 02
The Cross of the price below the support level of $2.4 may lead the price to $2.2 and $1.7 price level. On the other hand, the crossing of the price above $2.7 may increase it to $2.9 and $3.3 levels.
Resistance levels: $2.7, $2.9, $3.3
Support levels: $2.4, $2.2, $1.7
EOS/USD Long-term Trend: Bearish
EOS/USD is bearish in the daily chart. The price on the daily chart has been bearish since November 26 when it reached the high of that month at the $3.8 resistance level. The price decline towards the support level of $2.2 and the level was tested on December 23. It attempted to push lower below the support level of $2.2 but the Bulls opposed the bearish movement and the price returned to $2.7 where it continues its consolidation till the moment of writing this report.
The price is trading below the two EMAs where the 9 periods EMA is below 21 periods EMA which indicates that the bears are still holding to the EOS market. The Relative Index period 14 is parallel and flat to the 40 levels displaying no direction indicate that consolidation is ongoing. The Cross of the price below the support level of $2.4 may lead the price to $2.2 and $1.7 price level. On the other hand, the crossing of the price above $2.7 may increase it to $2.9 and $3.3 levels.
EOS/USD Price Medium-term Trend: Ranging
The coin is bearish on the medium-term outlook. The price has been moving upward and downward within $2.5 and 42.7 levels; which indicates that bears’ momentum is at equilibrium with the bulls’ momentum. Looking at the resistance levels of $2.7, the price is currently hovering within the boundaries of the mentioned resistance level. It would take a strong directional movement for the price to leave the boundaries. The current position of the Relative Strength Index suggests a temporal decrease in momentum.
The 9-day EMA and the 21-day EMA are interlocked to each other and the price is hovering over the two EMAs which connote consolidation movement in the EOS market.