EOS Price Analysis – May 2
The price of EOS/USD has been moving consistently within the channel.
Resistance levels: $3.4, $3.6, $3.8
Support levels: $2.1, $1.9, $1.7
EOS/USD has been moving towards an upward formation after having a bullish session yesterday. Looking at the daily chart, EOS/USD is seen trading above the 9-day and 21- moving averages and it has increased from $2.80 to $2.88. The signal line of the technical indicator RSI (14) is preparing to cross above 60-level, indicating upward momentum.
However, if the EOS/USD continues to maintain its bullish trend, the bulls may likely reach the resistance level of $3.4, $3.6, and $3.8. But any bearish movement below the moving averages could take it to the support levels at $2.3, $2.1, and $1.9 respectively.
Comparing with Bitcoin, the price is trading below the 9-day and 21-day moving averages within the descending channel. The technical indicator RSI (14) also moves to cross into the oversold condition. A further bearish movement may likely bring the coin to the support level of 290 SAT and below.
However, any form of a rebound from the current market value could push the price to the resistance level of 360 SAT and above. In other words, breaking below the mentioned support may drag the price to a new low of the month and send EOS in a bearish zone.
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