EOS Price Analysis – May 8
After the inverted head and shoulders, the price of EOS moves above $2.8 level.
Resistance levels: $3.4, $3.6, $3.8
Support levels: $2.2, $2.0, $1.8
A few days ago, EOS/USD has been experiencing a downward trend. There were days when the coin was falling. Also, we have seen the coin recovering today. Since yesterday, the coin has been making traders experience the adventure of trading in the crypto market. Moreover, currently, EOS is seen trading upwards and ready to cross above the 9-day and 21-day moving averages.
However, the coin is changing hands at $2.8 where it faces up. More so, if the price of EOS rises again and breaks the $3.0 resistance level, the coin may continue its upward movement to retest the previous high at $3.1. The RSI (14) is seen moving above 52-level while the nearest resistance levels to reach are $3.4, $3.6 and $3.8 while the support levels to watch out for are $2.2, $2.0 and $1.8 respectively.
Against Bitcoin, the market price keeps falling but about to break below the lower boundary of the channel. At the time of writing, EOS/BTC is trading around 279 SAT under the 9-day and 21-day moving averages. Looking at the chart, one can easily say that the market is in a downtrend because the technical indicator is still within the oversold zone.
However, we can expect a long-term surge in volatility to play out as soon as the market decides the next direction immediately the RSI (14) leaves the oversold territory. From above, the nearest resistance to look out for is 320 SAT and above, should the price rolls back while for the downside, the 230 SAT and below may provide another support for the market.
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