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.
Should the bears increase their pressure, the coin may be pushed down and break the support level of $4.7.
- The bears took control of the market last week;
- the coin may be pushed down;
- price retracement is inevitable.
EOS/USD Long-term Trend: Bearish
Resistance levels: $6.3, $6.9, $7.5
Support levels: $4.7, $4.1, $3.4The consolidation scenario experienced by the Cryptocurrency started over two weeks ago. EOS/USD was consolidating in its long-term outlook until October 11 when it had a downward push from the spot it was over two weeks. The bears gained momentum and pushed the coin toward the support level of $4.7 with the formation of a strong bearish candle.
Should the bears increase their pressure, the coin may be pushed down and break the support level of $4.7 as EOS is below the 10-day EMA and the 50-day EMA, which suggest the bearish movement. Also, in case the bulls increase their pressure, the price may be pushed back to the north and break the resistance level of $6.3.
Meanwhile, the Stochastic Oscillator Period 14 on the daily chart is at the level 20 (oversold region), with its signal lines pointing towards north, which means there could be a bullish movement this week towards the resistance level of $6.3.
EOS/USD Price Medium-term Trend: Bearish
The cryptocurrency is bearish in the short-term. The consolidation of EOS lasted for almost two weeks before the Bulls lost their pressure last week and the Bears came into the market with full force, moved EOS to the south with the formation of massive bearish candles on the medium term.
The coin is below the 10-day EMA and 50-day EMA which are far apart from each other, indicating bearish movement. Currently, there is a slight pullback, in case the bulls increase their momentum and this may terminate the bearish movement. Nevertheless, the Stochastic Oscillator period 14 is below 80 levels with its signal lines pointing downward, which connotes continuation of bearish movement.