EOS Price Analysis – March 8
EOS is following the downward trend just as many of the coins in the crypto market as the price goes down with its intraday movement.
Resistance levels: $4.2, $4.4, $4.6
Support levels: $2.8, $2.6, $2.4
As the daily chart reveals it, EOS/USD is bearish on the long-term outlook. The cryptocurrency was range-bound within the resistance level of $3.34 and the $3.87 price level for a long period. The bears may eventually break down the former support level of $3.0 at a slow rate. The EOS price declined to the support level of $3.5 a few hours ago but the coin is currently consolidating below the 9-day and 21-day moving averages.
Moreover, the trading volume is becoming low and should the bear maintain the downward movement; the price may likely reach the support levels at $2.8, $2.6 and $2.4. More so, if the price moves contrary to the current movement under the moving averages, this could take it to the resistance levels of $4.2, $4.4 and $4.8 respectively. Currently, the bears are still dominant as the signal lines of MACD are still on the negative side.
Against Bitcoin, the price is moving below the moving average of 9-day and 21-day moving averages but with a bearish candle trying to break down within the channel. The RSI (14) is below the 40-level which could still introduce more bearish signals into the market. A possible drop may surface and the support levels to watch are 350 SAT and 330 SAT.
However, any form of a rebound from the above-mentioned supports could push the price of the coin to the resistance level of 450 SAT and above. But the buyers may have to gain enough momentum to be able to push the price to the north. For now, the trading volume is still low and may start rising once the technical indicator turns upward.
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