EOS Price Analysis – May 11
EOS/USD is showing a remarkable improvement today after the coin dropped slightly for the past few days.
Resistance levels: $14, $15, $16
Support levels: $7, $6, $5
The price of EOS has been moving towards an upward formation after having a bullish session a few days ago. Since the European session, EOS/USD has increased from $8.7 to $12.6. The price is above the 9-day and 21-day moving averages. However, the signal line of the technical indicator Relative Strength Index (14) is preparing to move into the overbought, indicating an upward momentum.
What to Expect from EOS
If the EOS price tries to maintain its bullish trend by crossing above the upper boundary of the channel, bulls could reach the resistance levels of $14, $15, and $16. However, the price of the EOS should show a fluctuating movement along with the daily chart, which could return it to support levels at $7, $6, and $5 respectively.
EOS/BTC Market: Consolidating to the Upside
Against Bitcoin, the coin is trading above the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) moves into the overbought zone which may likely increase the bullish movement of the coin. A possible drop may surface once the price drops below the 9-day moving average, and further movement may likely hit the critical support levels at 140 SAT and 120 SAT respectively.
However, bulls may likely push the price above the upper boundary of the channel. Meanwhile, if the bulls continue to move in an upward trend, they could hit the resistance level of 265 SAT and above. More so, the trading volume is coming up tremendously and may continue to climb higher as much as the technical indicator keeps the uptrend.