By Azeez Mustapha
Updated
2 min read
EOS price will sink to the lows of $4.6 if the bears break down the support level of $5.2, also a bullish breakout will ensure that the resistance level at $6.0 is broken before EOS price will rally to the resistance level of $6.5.
Resistance levels: $6.0, $6.6, $7.3
Support levels: $5.0, $4.6, $4.0
EOS price is still ranging on the daily chart. The coin started sideways movement within the price range of $6.0 resistance level and $5.0 support level since September 24. It made an attempt to break out the support level of $5.0 with the formation of a strong bearish candle that indicate the pressure from the bears, the bulls return the EOS price into the bound range.
On October 15, the bulls also pushed the EOS price up to a resistance level of $6.6 before the bears rejected the uptrend movement. As long as the EOS price remains within the price range of $6.0 and $5.0 sideways movement continues until the bears or bulls gain enough momentum for the coin to rally.
EOS price will sink to the lows of $4.6 if the bears break down the support level of $5.2. On the upside, a bullish rally will ensure that the resistance level at $6.0 is broken, then, the price will rally to the $6.6 price level which is the upper resistance level of price.
It is illogical to place a trade when EOS price is still consolidating. Moreover, the Stochastic Oscillator period 14 is above 50 levels with the signal lines point to the north which indicates EOS price moving towards the north.
On the medium-term trend, EOS price is bullish. The cryptocurrency has broken the two exponential moving averages (EMAs) upside which acts as dynamic support and resistance. The EOS price is presently above the 21-day EMA and 50-day EMA with 21-day EMA crossed the 50-day EMA upside indicating that the price is in the uptrend movement and the bulls are in control of the market.
The bulls have gained enough pressure that is pushing EOS price up to the north and it can break the resistance level of $6.0. Before the coin can reach and break the support level of $5.2 the bears have to reject the present uptrend movement and increase their momentum. Nevertheless, the Stochastic Oscillator period 14 is above 60 levels with its signal lines pointing downward, which indicates the sell signal.
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.
