EOS Price Analysis – February 14
The $5.44 resistance level seems to have stopped any upward movement as the RSI indicator is trending below 80 inside the overbought zone.
Resistance levels: $6.0, $6.5, $7.0
Support levels: $4.5, $4.0, $3.5
According to Bitcoin’s price move, EOS is witnessing a price fall at the moment. Though the coin has not accomplished any strong rebound yet at the time of writing, it has stopped the further drop of price. More so, EOS/USD is consolidating now above $5.31.
Meanwhile, the overall crypto market is improving as the movement still focuses on the north while the resistance levels lie at $6.0, $6.5, $7.0. The bulls will need to protect the $5.0 support around the 9-day MA to prevent any further downward movement.
However, in the short term, EOS is now considered to be bullish; however, it still must pass the yesterday’s high at around $5.50 to turn bullish over the longer period. If EOS was to drop back beneath $5.0, it would turn neutral but a further drop beneath $4.8 will turn the market bearish reaching the support levels at $4.5, $4.0 and $3.5. The RSI (14) is seen facing down from the overbought, suggesting more bearish signals.
By comparing it with Bitcoin, after touching the resistance level of 532 SAT in the early hours of today, EOS/BTC is now seen reversing from the above-mentioned level to where it’s currently trading around 521 SAT. The RSI (14) moves below 78 which could halt the initial bullish movement of the coin.
A possible drop may play out once the technical indicator crosses below 70, a further movement might push the coin below the 9-day and 21-day moving averages hitting the critical support levels at 480 SAT and 460 SAT respectively.
In other words, the bulls may need to use this opportunity and gather enough momentum to be able to push the price back to the north. Once this is done, EOS/BTC may continue to move in an upward trend, reaching the resistance level of 560 SAT and above.
Similarly, the trading volume is coming up slowly and may start climbing higher as soon as the technical indicator turns upward.
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