EOS Price Analysis – October 6
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: $3.8, $4.0, $4.2
Support levels: $2.2, $2.0, $1.8
Looking at the daily chart, EOS/USD is changing trend slowly on the long-term outlook. The cryptocurrency was range-bound within the resistance level of $3.02 and the $2.77 price level for some time now. The bears may likely break down the former support level of $2.6 at a slow rate. The EOS price declined to the support level of $2.7 on September 24, 2019, and currently consolidating at $2.91 level.
More so, the trading volume is becoming low and should the bear push the price downward; the price could reach the support levels at $2.2, $2.0 and $1.8. In other words, if the price moves contrary to the current movement within the 9-day and 21-day moving averages, the price could hit the resistance levels of $3.8, $4.0 and $4.2 respectively. The stochastic RSI moves to test the 50-level, which may give bullish signals in the coming weeks.
Against Bitcoin, the price is moving above the moving averages of 9-day and 21-day but with more bullish candles. The stochastic RSI moves to enter into the overbought which may soon halt the bullish movement of the coin. A possible drop may surface once the technical indicator turns and faces downward, and it may likely hit the support levels at 3120 SAT and 3000 SAT respectively.
Meanwhile, any further movement by the bulls may likely push the EOS price to 4120 SAT resistance level and below. But come to think of it, breaking the mentioned support may likely drop the price of the coin to the new low of the month and send the market in a bearish zone.
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