A bullish breakout will ensure that the resistance level at $6.0 is broken then the EOS price will rally to the level of $6.5 which is the upper resistance level of price.
Key Highlights:
- Consolidation is ongoing;
- the support level of $5.2 may be broken;
- the resistance level of $6.0 may be broken.
EOS/USD Price Long-term Trend: Ranging
Resistance levels: $6.0, $6.6, $7.3
Support levels: $5.2, $4.6, $4.0
If the bears break down the support level of $5.2, EOS price will sink to the lows of $4.6. However, on the upside, a bullish breakout will ensure that the resistance level at $6.0 is broken then the price will rally to the $6.5 price level which is the upper resistance level of price.
Trade recommendation may be unnecessary as the price is still consolidating. In addition, the Stochastic Oscillator period 14 is above 20 levels with the signal lines interlocked to each other which indicates that the price is in the sideways movement.
EOS/USD Price Medium-term Trend: Ranging
The bulls will have to increase their pressure before the price can rally to the north and break the resistance level of $6.0. Likewise, before the coin can reach and break the support level of $5.2 the bears have to increase their momentum. Nevertheless, the Stochastic Oscillator period 14 is above 50 levels with its signal lines pointing downward, which indicates the sell signal.
next