OS Price Analysis – September 29
The bears may break down the support level of $2.6 provide the level does not hold. In case the mentioned level holds, the price may consolidate further.
Resistance levels: $4.0, $4.5, $5.0
Support levels: $2.0, $1.5, $1.0
Looking at the daily chart, EOS/USD is bearish on the long-term outlook. The cryptocurrency was range-bound within the resistance level of $3.05 and the $2.65 price level for a long period. The bears may eventually break down the former support level of $2.7 at a slow rate. The EOS price declined to the support level of $2.7 on September 24. The coin is currently consolidating at the support level of $2.79.
Moreover, the trading volume is becoming low and should the bear maintain the downward movement; the price may likely reach the support levels at $2.0, $1.5 and $1.0. More so, if the price moves contrary to the current movement under the Ichimoku cloud, this could take it to the resistance levels of $4.0, $4.5 and $5.0 respectively. Currently, the bears are still dominant as the stochastic RSI is extremely at the oversold zone.
Against Bitcoin, the price is moving into the Ichimoku cloud but with a bullish candle trying to recover from the sell-off that occurred some days back. The stochastic RSI moves away from the oversold which could aid the bullish movement of the coin. A possible drop may surface if the bulls fail to push the price to the north and the support levels to watch for are 3000 SAT and 2800 SAT.
Meanwhile, any form of a rebound from the above-mentioned supports could push the EOS price to 4000 SAT resistance level and beyond. But come to think of it, breaking the mentioned support may likely drop the price to the new low of the month and send EOS in a bearish zone. However, the trading volume confirms a bullish movement at the moment.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.