EOS Price Analysis – December 17
EOS trades with a downswing at $2.3, just when the king of cryptocurrencies trade around $6,700.
Resistance levels: $2.6, $2.7, $2.8
Support levels: $2.0, $1.9, $1.8
On December 1, the bulls could not sustain the price above the $2.8 resistance level because of bearish pressure. Yesterday, the bears had a field day as they took the price from consolidation to breaking one support level after the other trading below the 9-day and 21-day moving averages. Negative pressure was not unique to EOS as all major cryptocurrencies posted today loses in double-digits.
However, the coin is consolidating below the support level of $2.36. The market will go up if it bounces above the mentioned support level to face the resistance levels of $2.6, $2.7 and $2.8. In other words, EOS/USD will sink if the bears break below $2.26 and the price could fall to the next support levels of $2.0, $1.9 and $1.8. Meanwhile, the daily stochastic RSI has fallen into the oversold zone which means that the coin is in bearish momentum.
The bearish scenario is strengthening for the EOS market as market prices remain below the moving averages. Significantly, sellers have taken control of this market as more sales are expected by immersion in future trading
In comparison with the BTC, the level of support in this range is built around 3200 SAT and below. Obviously, the RSI (14) on the chart is seen moving towards the oversold conditions. In case of price increases, we can expect a buying pressure at the 3600 SAT resistance level and above.
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