Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
Continuing its bearish momentum, EOSUSD price might go down this week. However, this is a short-term ranging movement in the given context and a situation may soon change.
Resistance levels: $7.500, $8.500, $9.500
Support levels: $6.500, $5.500, $4.500
EOSUSD Long-term Trend: Bearish
EOSUSD has kept making lower lows on the daily charts. This being said, and given that last week was also bearish, there is a strong possibility that price might go down this week by making a break out towards the south. On the daily chart, the Stochastic Oscillator Period 14 is below the level 20, which indicates that the market is oversold suggesting that there could be a form of bullish reversal, especially temporarily.
EOSUSD Price Medium-term Trend: Bearish
The crypto is also bearish in the 4-chart. Last week, after the crossing of the 10-day EMA below 50-day EMA, price broke the support level at $8.000 which exposed it to the strong support level at $7.600. More selling pressure led to further downward movement.
As of this week, price is consolidating, thus creating an equilibrium phase. Should EOS price go up to the resistance level at $7.600 and produce an medium-term bullish candle, then a breakout towards the upside could be anticipated, which would result in a “buy” signal.
Looking at the support and resistance levels, price is currently hovering within the boundaries of the resistance level at $7.500 and the supply level at $6.500. It would take a strong directional movement for price to leave the boundaries. As the current position of the Stochastic Oscillator suggests, a rise in momentum is in the offing.
If bears hold on the current price range, the current market situation will persist. Generally, what is present now is a short-term ranging movement in the context of a bearish trend – a situation that may soon change.